Prospects of Korea-US Tariff Negotiations Ahead of APEC Summit
On the 23rd, President Lee Jae-myung indicated that the possibility of finalizing Korea-US tariff negotiations during the APEC summit in Gyeongju seems unlikely to be resolved quickly, stating, "It seems like it will take a little time." With just six days left until the Korea-US summit, it is interpreted that there remains a distinct gap between the two countries regarding key issues, particularly the ratio of cash direct investment in the $350 billion investment fund aimed at the United States.
In an interview with CNN, President Lee responded to a question about whether trade negotiations could be concluded at the APEC summit by saying, "It seems that a significant amount of time and effort is needed to adjust and correct the positions of both countries." He expressed his belief that a rational and reasonable outcome that both sides can accept will eventually be reached. The interview took place the previous afternoon at the Yongsan Presidential Office.
On the 22nd (local time), Kim Yong-beom, the head of the presidential policy office, and Minister of Trade, Industry and Energy Kim Jeong-kwan engaged in additional negotiations with U.S. Secretary of Commerce Howard Gutman for about two hours at the Department of Commerce in Washington, D.C. Kim stated as he left the building, "We discussed many of the remaining issues and made some progress, but further discussions are needed."
According to the presidential office and government sources, the South Korean government proposed a plan to invest about $70 billion, which is around 20% of the $350 billion investment fund, over a span of ten years. This is a shift from the initial stance of advocating for a direct cash investment ratio of approximately 5% (around $17.5 billion) at the beginning of negotiations.
However, the U.S. is pushing for nearly 60% of the $350 billion, approximately $200 billion, to be directly invested over eight years. The negotiations continue as both nations work toward a mutually agreeable resolution.
In an interview with CNN, President Lee responded to a question about whether trade negotiations could be concluded at the APEC summit by saying, "It seems that a significant amount of time and effort is needed to adjust and correct the positions of both countries." He expressed his belief that a rational and reasonable outcome that both sides can accept will eventually be reached. The interview took place the previous afternoon at the Yongsan Presidential Office.
On the 22nd (local time), Kim Yong-beom, the head of the presidential policy office, and Minister of Trade, Industry and Energy Kim Jeong-kwan engaged in additional negotiations with U.S. Secretary of Commerce Howard Gutman for about two hours at the Department of Commerce in Washington, D.C. Kim stated as he left the building, "We discussed many of the remaining issues and made some progress, but further discussions are needed."
According to the presidential office and government sources, the South Korean government proposed a plan to invest about $70 billion, which is around 20% of the $350 billion investment fund, over a span of ten years. This is a shift from the initial stance of advocating for a direct cash investment ratio of approximately 5% (around $17.5 billion) at the beginning of negotiations.
However, the U.S. is pushing for nearly 60% of the $350 billion, approximately $200 billion, to be directly invested over eight years. The negotiations continue as both nations work toward a mutually agreeable resolution.
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