Korean Minister of Trade, Industry and Energy Kim Jong-kwan announced that there is mutual understanding between South Korea and the United States regarding the first investment project, which is set to be revealed in September.
After returning to Incheon International Airport on August 20 from his visit to the U.S., Kim stated that considering the remaining discussions and procedures, the announcement is likely to occur in September.
Kim's trip to the U.S. on August 16 came unexpectedly after the abrupt dismissal of former trade chief Yeo Han-goo. During his visit, he directly managed discussions on U.S. investments and tariff negotiations. He met with U.S. Secretary of Commerce Gina Raimondo on August 17 and 18 in Washington, D.C., to address specific issues related to strategic investment projects. On August 19, he discussed trade matters, including tariffs, with U.S. Trade Representative Katherine Tai.
"As we aim for the end of August or early September for continued negotiations, there are several unresolved issues among the working-level teams," Kim explained. "There was a suggestion to resolve these matters at the ministerial level, and in that regard, we made significant progress during this visit to the U.S."
He added, "We had extensive discussions with Secretary Raimondo over two days and believe we resolved many issues. Although I returned home, we plan to find a consensus through a video conference next week."
The first investment project is primarily focused on the energy sector. In response to speculation that the U.S. requested investments in the semiconductor sector, Kim clarified, "We are currently concentrating on discussions in the energy sector. Given the timeline, we cannot shift to other areas, so we are actively discussing energy-related matters."
When asked who initiated the visit, Kim stated, "It seems there was a consensus on both sides that it was time for the ministers to meet."
The results of the U.S. investigation into overproduction under Section 301 of the Trade Act are expected to be released by the end of this month or early next month.
Regarding his meeting with Tai, Kim noted, "We reached an understanding on the 15% tariff cap, and there was discussion about the announcement not being far off, mentioning a timeframe of about two weeks." He anticipates that the announcement will likely occur by the end of August or early September but emphasized the need for vigilance due to potential unforeseen circumstances.
Addressing concerns about a potential gap in U.S.-Korea trade negotiations following Yeo's dismissal, Kim stated, "I explained the situation to the USTR. The U.S.-Korea relationship is not determined by the status of a single individual but rather by the collective efforts of the entire organization."
He added, "Since both sides have agreed that Deputy Trade Minister Park Jeong-seong will continue to serve as acting head, the two agencies should be able to coordinate effectively. If any gaps arise, I will personally engage with Representative Tai to ensure that national interests are not compromised."
As for future plans to visit the U.S., Kim said, "There are no plans at this time, but we will continue discussions through video conferences next week."
After returning to Incheon International Airport on August 20 from his visit to the U.S., Kim stated that considering the remaining discussions and procedures, the announcement is likely to occur in September.
Kim's trip to the U.S. on August 16 came unexpectedly after the abrupt dismissal of former trade chief Yeo Han-goo. During his visit, he directly managed discussions on U.S. investments and tariff negotiations. He met with U.S. Secretary of Commerce Gina Raimondo on August 17 and 18 in Washington, D.C., to address specific issues related to strategic investment projects. On August 19, he discussed trade matters, including tariffs, with U.S. Trade Representative Katherine Tai.
"As we aim for the end of August or early September for continued negotiations, there are several unresolved issues among the working-level teams," Kim explained. "There was a suggestion to resolve these matters at the ministerial level, and in that regard, we made significant progress during this visit to the U.S."
He added, "We had extensive discussions with Secretary Raimondo over two days and believe we resolved many issues. Although I returned home, we plan to find a consensus through a video conference next week."
The first investment project is primarily focused on the energy sector. In response to speculation that the U.S. requested investments in the semiconductor sector, Kim clarified, "We are currently concentrating on discussions in the energy sector. Given the timeline, we cannot shift to other areas, so we are actively discussing energy-related matters."
When asked who initiated the visit, Kim stated, "It seems there was a consensus on both sides that it was time for the ministers to meet."
The results of the U.S. investigation into overproduction under Section 301 of the Trade Act are expected to be released by the end of this month or early next month.
Regarding his meeting with Tai, Kim noted, "We reached an understanding on the 15% tariff cap, and there was discussion about the announcement not being far off, mentioning a timeframe of about two weeks." He anticipates that the announcement will likely occur by the end of August or early September but emphasized the need for vigilance due to potential unforeseen circumstances.
Addressing concerns about a potential gap in U.S.-Korea trade negotiations following Yeo's dismissal, Kim stated, "I explained the situation to the USTR. The U.S.-Korea relationship is not determined by the status of a single individual but rather by the collective efforts of the entire organization."
He added, "Since both sides have agreed that Deputy Trade Minister Park Jeong-seong will continue to serve as acting head, the two agencies should be able to coordinate effectively. If any gaps arise, I will personally engage with Representative Tai to ensure that national interests are not compromised."
As for future plans to visit the U.S., Kim said, "There are no plans at this time, but we will continue discussions through video conferences next week."
* This article has been translated by AI.
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