On October 24, U.S. President Donald Trump announced that tariff and trade negotiations with South Korea are very close to reaching their final stages.
According to a White House press pool report on October 25, President Trump made this statement aboard Air Force One while en route to Asia for visits to Malaysia, Japan, and South Korea. When asked if he anticipated finalizing the tariff agreement with South Korea during this trip, he responded affirmatively.
Trump added that if they (the South Korean side) are ready, he’s ready.
A day earlier, a senior Trump administration official stated during a press briefing held ahead of the president’s Asia tour that they are very eager to conclude an agreement with South Korea as soon as possible.
The U.S. and South Korea have been engaged in final negotiations regarding a promised 350 billion USD investment by South Korea, in exchange for reducing tariffs on Korean goods from 25% to 15%, following an agreement reached on July 30.
All eyes are on the upcoming summit between President Lee Jae Myung and President Trump, scheduled for Wednesday (Korean time) during the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, to see if they can reach a final agreement.
Policy Chief Kim Yong-beom and Minister of Trade, Industry and Energy Kim Jeong-kwan recently spent two weeks in the U.S., meeting with Secretary of Commerce Howard Rutnik to continue negotiations.
After meeting with Secretary Howard Lutnik on October 22, Kim Yong-beom stated that while there has been some progress in the negotiations, he cautioned that it’s not over until it’s over.