South Korea minister meets U.S. commerce secretary in effort to reach tariff deal
SEOUL--South Korea's Industry Minister Kim Jung-kwan met U.S. Commerce Secretary Howard Lutnick on Thursday and reaffirmed a commitment to reach a deal on tariffs by the August 1 deadline, South Korea's industry ministry said on Friday.
During the meeting in Washington, the two discussed how cooperation between the two countries' manufacturing sectors could bolster a deal to lower proposed U.S. tariffs set to be slapped on South Korea, the ministry said in a statement.
'We'll do our best so that our companies are not put at a disadvantage relative to those in competing countries,' the ministry cited Kim as saying after his meeting.
Kim and South Korea's Minister for Trade Yeo Han-koo have been in Washington amid intense efforts by Seoul to reach a deal, which one official said were in the 'critical final phase.'
Kim earlier met U.S. Energy Secretary Chris Wright and Yeo planned to hold talks with U.S. Trade Representative Jamieson Greer, the ministry said.
Pressure on South Korea heightened this week after Japan clinched a deal with the United States, which U.S. President Donald Trump said would see Tokyo allowing greater market access for American products including autos and some agricultural products.
Lutnick indicated U.S. officials were fully aware of the urgency felt by South Korean officials to get a deal, especially after Trump announced the agreement with Japan.
'You can hear the expletives out of Korea when they read the Japanese deal,' Lutnick said on CNBC on Thursday ahead of his meeting with Kim.
'They very, very much want to make a deal,' he said, referring to South Korea.
NEW TEAM IN SEOUL
Some top Seoul officials thrown into the high-stakes negotiations have been in their jobs for less than a week after new President Lee Jae Myung only recently completed his cabinet lineup.
South Korea and Japan compete in areas such as autos and steel, and Japan's deal was seen by investors as a benchmark for the type of agreement Seoul should target in negotiations, analysts have said.
In a blow to efforts to reach a deal, South Korea's Finance Minister Koo Yun-cheol's plan to meet U.S. Treasury Secretary Scott Bessent on Friday was postponed.
The South Korean side said they were informed about the cancellation only 90 minutes before Koo was set to depart for Washington on Thursday, with the U.S. attributing the move to a scheduling conflict for Bessent.
Seoul will propose to Washington an investment package plan worth at least $100 billion, which would involve major South Korean conglomerates like Samsung and Hyundai Motor Group, the Yonhap News Agency has reported.
President Lee met Samsung Electronics Chairman Jay Y. Lee on Thursday and has also held talks with other business leaders, including the heads of SK Hynix, Hyundai Motor and the LG conglomerate to discuss global trade and investing in the U.S., his office said.
South Korean companies are expected to be partners of the government in any investment package offered to the United States. Japan pledged a $550 billion package of investment and loans as part of its trade deal, which Lutnick said would be used 'at Donald Trump's discretion.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
3 minutes ago
Researchers from Japan, China Discuss Cooperation
Beijing, July 27 (Jiji Press)--Researchers from Japan and China exchanged opinions on social challenges and bilateral cooperation in a forum held in Beijing on Sunday. The forum for Japanese and Chinese researchers to hold dialogue to enhance friendship as well as human and cultural exchanges took place for the first time in Tokyo last year. Sunday's session, jointly hosted by the Japan-China Friendship Center in Tokyo and a foundation under the Publicity Department at the Communist Party of China's Central Committee, was the second of its kind. It was held some 10 days after a Chinese court handed down a prison sentence to a Japanese worker of Astellas Pharma Inc. of Japan for his espionage activities in China. Participants, including Tomoki Kamo, professor from Japan's Keio University, exchanged opinions on social issues confronting Japan and China, such as declining birthrates and aging populations, and discussed how the two neighboring countries should cooperate. "Academic exchanges between Japan and China are decreasing, a situation that will significantly affect the mutual understanding of Japanese and Chinese people," Yuji Miyamoto, chief of the Japan-China Friendship Center and former Japanese ambassador to China, said, underscoring the importance of dialogue. [Copyright The Jiji Press, Ltd.]
Japan Today
3 minutes ago
- Japan Today
State of play in Trump's tariffs, threats and delays
US President Donald Trump is set to raise tariffs on dozens of trading partners come August 1, if they do not reach deals with Washington By Beiyi SEOW Dozens of economies including India, Canada and Mexico face threats of higher tariffs Friday if they fail to strike deals with Washington. Here is a summary of duties President Donald Trump has introduced in his second term as he pressures allies and competitors alike to reshape US trade relationships. Global tariffs US "reciprocal" tariffs -- imposed under legally contentious emergency powers -- are due to jump from 10 percent to various steeper levels for a list of dozens of economies come August 1, including South Korea, India and Taiwan. The hikes were to take effect July 9 but Trump postponed them days before imposition, marking a second delay since their shock unveiling in April. A 10 percent "baseline" levy on most partners, which Trump imposed in April, remains in place. He has also issued letters dictating tariff rates above 10 percent for individual countries, including Brazil, which has a trade deficit with the United States and was not on the initial list of higher "reciprocal" rates. Several economies -- the European Union, Britain, Vietnam, Japan, Indonesia and the Philippines -- have struck initial tariff deals with Washington, while China managed to temporarily lower tit-for-tat duties. Certain products like pharmaceuticals, semiconductors and lumber are excluded from Trump's "reciprocal" tariffs, but may face separate action under different authorities. This has been the case for steel, aluminum, and soon copper. Gold and silver, alongside energy commodities, are also exempted. Excluded too are Mexico and Canada, hit with a different set of tariffs, and countries like Russia and North Korea as they already face sanctions. Canada, Mexico Canadian and Mexican products were hit by 25 percent US tariffs shortly after Trump returned to office, with a lower rate for Canadian energy. Trump targeted both neighbors over illegal immigration and fentanyl trafficking, also invoking emergency powers. But trade negotiations have been bumpy. This month, Trump said Canadian goods will face a higher 35 percent duty from August 1, and Mexican goods will see a 30 percent level. Products entering the United States under the USMCA North American free trade pact, covering large swaths of goods, are expected to remain exempt -- with Canadian energy resources and potash, used as fertilizer, to still face lower rates. China focus Trump has also taken special aim at China. The world's two biggest economies engaged in an escalating tariffs war this year before their temporary pullback. The countries imposed triple-digit duties on each other at one point, a level described as a trade embargo. After high level talks, Washington lowered its levies on Chinese goods to 30 percent and Beijing slashed its own to 10 percent. This pause is set to expire August 12, and officials will meet for further talks on Monday and Tuesday in the Swedish capital Stockholm. The US level is higher as it includes a 20 percent tariff over China's alleged role in the global fentanyl trade. Beyond expansive tariffs on Chinese products, Trump ordered the closure of a duty-free exemption for low-value parcels from the country. This adds to the cost of importing items like clothing and small electronics. Autos, metals Trump has targeted individual business sectors too, under more conventional national security grounds, imposing a 25 percent levy on steel and aluminum imports which he later doubled to 50 percent. The president has unveiled plans for a 50 percent tariff on copper imports starting August 1 as well and rolled out a 25 percent tariff on imported autos, although those entering under the USMCA can qualify for a lower rate. Trump's auto tariffs impact vehicle parts too, but new rules ensure automakers paying vehicle tariffs will not also be charged for certain other duties. He has ongoing investigations into imports of lumber, semiconductors, pharmaceuticals and critical minerals that could trigger further duties. Legal challenges Several legal challenges have been filed against the tariffs Trump invoked citing emergencies. The US Court of International Trade ruled in May that the president had overstepped his authority, but a federal appeals court has allowed the duties to remain while it considers the case. If these tariffs are ultimately ruled illegal, companies could possibly seek reimbursements. © 2025 AFP
Kyodo News
2 hours ago
- Kyodo News
Kyodo News Digest: July 28, 2025
TOKYO - The following is the latest list of selected news summaries by Kyodo News. ---------- SDF request led to nuclear threat scenario in Japan-U.S. exercise TOKYO - The Japanese Self-Defense Forces strongly urged the U.S. military during a joint command post exercise last year to mirror any nuclear threat made by China with one of its own, government sources said Sunday. The United States ultimately complied with the request in the simulation exercise that envisioned a potential invasion of Taiwan by Beijing, raising concerns that Japan's push to invoke nuclear deterrence could exacerbate tensions between the United States and China. ---------- U.S., EU clinch trade deal setting 15% tariff on most European goods TURNBERRY, Scotland - The United States on Sunday clinched a trade agreement with the European Union, setting a 15 percent across-the-board tariff on cars and most other goods from the 27-member bloc, President Donald Trump said, calling the deal "very satisfactory to both sides." Under the agreement, the EU will buy $750 billion worth of American energy and invest an additional $600 billion in the world's largest economy, Trump said following a meeting with European Commission President Ursula von der Leyen at his Turnberry golf resort in Scotland. ---------- Baseball: Ichiro reflects on legendary career in Hall of Fame speech COOPERSTOWN, New York - Ichiro Suzuki, the first Japanese member of the U.S. Baseball Hall of Fame, shared his inspiration to play in the majors while thanking his family and teammates in his induction speech Sunday. The former Seattle Mariners outfielder began his speech in Cooperstown, New York, by calling himself a third-time rookie, now as a member of the hall, after being a rookie in Japan in 1992 and a major league rookie in 2001 at age 27. ---------- Nobel panel, A-bomb survivors urge youth to carry torch of peace TOKYO - The Norwegian Nobel Committee and Nihon Hidankyo, Japan's leading group of atomic bomb survivors, jointly urged younger generations at an event Sunday in Tokyo to "carry the torch" for peace by listening to the stories of survivors and keeping up the momentum for nuclear disarmament. "The nuclear taboo is under threat, and the hibakusha (atomic bomb survivors) are aging. In not too many years, we will no longer have the testimonies of those who were there, those who could tell this story," said Norwegian Nobel Committee chair Jorgen Watne Frydnes. ---------- 3 suspected drones intruded on premises of Japan nuclear complex TOKYO - Three bright objects believed to be drones intruded on the premises of the Genkai nuclear power complex in southwestern Japan, the country's nuclear watchdog said Sunday, correcting its statement the previous day that drones had been spotted. The Nuclear Regulation Authority said Saturday it was informed of the incident by Kyushu Electric Power Co., the operator of the four-reactor Genkai Nuclear Power Station. ---------- U.S. brokers cease-fire after Cambodia, Thailand border clashes WASHINGTON/BANGKOK - The leaders of Cambodia and Thailand have agreed to meet immediately and work on a cease-fire following cross-border attacks, U.S. President Donald Trump said Saturday after speaking with them by phone. Clashes between Thailand and Cambodia in a disputed border area have continued since Thursday, leaving several people dead including civilians. Each side has accused the other of initiating the fighting. ---------- Video: Fireworks light up summer skies over Tokyo's Sumida River
