Korea-US Tariff Deadline D-5... Seems Unable to Reach Agreement Level

[Financial News] With a week left until the tariff imposition deadline announced by the US on August 1, Korea-US negotiations have intensified, and the second day of negotiations between the two countries' industry ministers has concluded.
According to the trade industry on the 26th, Kim Jeong-gwan, Minister of Trade, Industry and Energy, and Howard Lutnick, US Secretary of Commerce, concluded negotiations late at night on the 25th (local time) at Secretary Lutnick's residence in New York.
Previously, the Korea-US industry ministers began formal negotiations at the US Department of Commerce building in Washington DC on the 24th.
Minister Kim presented a revised proposal more advanced than the first negotiation on the 24th, based on the contents of the trade countermeasure meeting held at the Presidential Office on the 25th. It is reported that additional approaches were attempted in key areas such as US investment and agricultural and livestock issues including beef and rice.
However, Secretary Lutnick demanded more concessions from the Korean side, and it is known that they did not come close to the level of concluding the negotiations.
Minister Kim reported the results of the additional consultation with Secretary Lutnick to the home country, and it is reported that the Presidential Office will hold a trade countermeasure meeting presided by the Chief Secretary on the 26th to discuss the response direction for deriving a negotiation conclusion.
Originally, Minister Kim was scheduled to return home on the 25th, but it is known that he is considering staying in the US with Yeo Han-gu, Head of Trade Negotiation Headquarters, to oversee the final negotiations between Korea and the US.



kjh0109@fnnews.com Kwon Jun-ho Reporter