Minister Kim Jung-kwan: "We Sought a Compromise on U.S. Tariff Hikes, but Further Talks Are Still Needed"

[The Financial News]
"The talks provided an opportunity to deepen our mutual understanding of the U.S. intention to raise tariffs and to explore possible compromises, but further discussions are still necessary."
Kim Jung-kwan, Minister of Trade, Industry and Energy of South Korea, who visited Washington, D.C. to respond to Donald John Trump’s renewed threat to raise tariffs and met with U.S. Secretary of Commerce Howard William Lutnick, made this statement on the 31st.
Kim Jung-kwan met with Howard Lutnick on two consecutive days, the 30th and 31st (local time), and held in-depth discussions on pending trade issues, including the recently announced U.S. plan to increase tariffs.
Emphasizing that the South Korean government will faithfully implement the tariff agreement between South Korea and the United States without setbacks, Kim Jung-kwan explained that the government will work closely with the National Assembly of the Republic of Korea so that a special act on strategic investment management between South Korea and the United States can be enacted swiftly in line with the relevant legislative procedures. He also agreed that investment projects in the United States carried out under this special act should be mutually beneficial for the industries of both countries.
Kim Jung-kwan also met with Chris Wright, U.S. Secretary of Energy, and agreed to establish a working-level consultation channel in the energy and resources sector to accelerate discussions on ways to enhance cooperation between South Korea and the United States. Kim Jung-kwan stressed, "The government plans to faithfully implement the tariff agreement between South Korea and the United States so as to minimize trade-related uncertainty in the U.S. market faced by our companies."
aber@fnnews.com Reporter Park Ji-young Reporter