South Korea’s Industry Minister, Kim Jung-kwan, is set to return to the U.S. on Wednesday for urgent talks to finalize a tariff agreement, stalled over the details of a $350 billion investment, ahead of the Asia-Pacific Economic Cooperation (APEC) summit later this month.
Kim had just returned from Washington two days ago, where he met U.S. Commerce Secretary Howard Lutnick to resolve remaining issues on the large investment pledge. South Korean officials said the U.S. is no longer demanding an “upfront” payment of the sum, which is mostly in equity, a move Seoul had warned could destabilize its foreign exchange market.
The follow-up talks aim to finalize the U.S.-South Korea tariff deal tentatively reached in July, though the Industry Ministry provided no further details. Both countries remain optimistic, with leaders expected to meet on the sidelines of the APEC summit in South Korea later this month.
South Korean automakers Hyundai Motor and Kia Corp saw shares rise Tuesday on hopes of a trade breakthrough. U.S. tariffs on South Korean autos remain at 25% until a final deal is reached, while duties on other imports have been cut to 15%.
