South Korea is taking a close look at US-Japan trade deal, minister says
South Korea is a major competitor of Japan in areas such as autos and steel, so news of Japan's trade deal will pile pressure on Seoul to come up with its own agreement ahead of an August 1 deadline to avoid the full force of 25% reciprocal U.S. tariffs.
Kim said he will have meetings with the U.S. Secretary of Commerce Howard Lutnick and Secretary of Energy Chris Wright during his visit, among others.
In a post on Truth Social, U.S. President Donald Trump said the trade deal Japan struck with the U.S. would include $550 billion of Japanese investments in the United States.
He also said that Japan would increase market access to American producers of cars, trucks, rice and certain agricultural products, among other items.
South Korean newspaper Chosun Ilbo reported last week that during trade talks earlier this month the U.S. had asked Seoul to create a large-scale investment fund to support the reconstruction of the U.S. manufacturing industry, without naming a clear source.
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