Following his visit to Washington, D.C. and return on Saturday, South Korea’s Minister of Trade, Industry, and Energy, Kim Jong Kwan, addressed President Donald Trump’s comments on potential tariff increases. He said that he had clearly conveyed that the South Korean government had no intention of delaying or avoiding compliance with U.S. investment commitments. He added that he believed they had successfully cleared up any unnecessary misunderstandings.
Speaking to reporters at Incheon International Airport that afternoon, Kim said the special law on U.S. investments had been submitted to the National Assembly last November, but that due to the Assembly’s schedule, there was no time for discussions in December because of budget deliberations, and that January was occupied with ministerial confirmation hearings. He added that they planned to hold a video conference with U.S. officials soon to further discuss these matters.
During his visit to Washington, D.C., from Friday to Saturday, Minister Kim met with U.S. Secretary of Commerce Gina Raimondo to discuss recent trade issues, including the announced plans to increase tariffs.
While some speculated that the U.S. mention of tariff increases might be related to the investigation into the Coupang information leak and discussions on digital trade regulations, Minister Kim clarified that these topics were not part of their discussions.
He said the Coupang issue was not raised at all and added that he believed they did not see it as having any significant impact on tariffs.
Minister Kim emphasized the need to expedite the passage of the special law on U.S. investments. However, he noted that even before its passage, they would seek ways to discuss U.S.-Korea cooperation projects. He predicted that discussions between foreign exchange authorities would likely occur regarding future investments.
Additionally, during his U.S. visit, Minister Kim met with U.S. Secretary of Energy Jennifer Granholm to establish practical consultation channels in the energy and resources sectors, aiming to accelerate discussions on bilateral cooperation.
Regarding this, Minister Kim said they had held various discussions with the Department of Energy about nuclear cooperation between South Korea and the United States, but added that he was not at liberty to disclose specifics at this time.
Following President Trump’s comments on the 26th about tariff increases, the U.S. has consistently ramped up pressure on South Korea.
U.S. Trade Representative Katherine Tai claimed in an interview with Fox Business on Tuesday that South Korea has not passed the necessary legislation for U.S. investment, has not introduced new digital services laws, and has not fulfilled its obligations in agriculture and industry.
Furthermore, on Tuesday, the U.S. Treasury submitted its semiannual report to Congress on Macroeconomic and Foreign Exchange Policies of Major Trading Partners, designating South Korea, China, Japan, Germany, Switzerland, and five other countries as subjects for monitoring.
U.S. Treasury Secretary Janet Yellen said in a press release that President Trump was committed to eliminating destructive trade deficits and confronting unfair trade practices. She added that the administration would enhance its analysis of trading partners’ currency practices to support America First trade policies.
Meanwhile, Yeo Han Ku, head of the Trade Negotiation Headquarters at the Ministry of Trade, Industry, and Energy, will meet with key figures, including the U.S. Trade Representative, to discuss how to prevent tariff increases following Minister Kim’s meeting with Secretary Raimondo.
After arriving in the U.S. on Friday, Yeo told reporters that he needed to meet with various stakeholders, including government officials and members of Congress, to gauge the U.S. side’s intentions. He added that, as seen in President Trump’s recent statements, the current focus appeared to be on South Korea’s investments in the United States and legislative progress within the National Assembly.
