(4th LD) Korean official-trade talks
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| ▲ This undated photo, provided by South Korea's industry ministry, shows Industry Minister Kim Jung-kwan (R) and U.S. Commerce Secretary Howard Lutnick. (PHOTO NOT FOR SALE) (Yonhap) |
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| ▲ Kim Yong-beom (R), presidential chief of staff for policy, and Industry Minister Kim Jung-kwan (C) walk out of the Commerce Department in Washington on Oct. 16, 2025. (Yonhap) |
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| ▲ Kim Yong-beom (L), presidential chief of staff for policy, and Industry Minister Kim Jung-kwan visit the White House in Washington on Oct. 16, 2025. (Yonhap) |
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| ▲ Kim Yong-beom (2nd from R), presidential chief of staff for policy, along with Industry Minister Kim Jung-kwan, speaks to the press upon arrival at Dulles International Airport, near Washington, on Oct. 16, 2025. (Yonhap) |
(4th LD) Korean official-trade talks
(4th LD) Industry minister, Lutnick meet to narrow gaps over Korea's US$350 bln investment plan
(ATTN: ADDS photo, more info in paras 4-6)
By Song Sang-ho, Cho Joon-hyung and Park Sung-min
WASHINGTON, Oct. 16 (Yonhap) -- South Korea's Industry Minister Kim Jung-kwan and U.S. Commerce Secretary Howard Lutnick held their latest round of talks in Washington on Thursday as the two countries strive to bridge differences over how to implement Korea's US$350 billion investment pledge under a trade deal struck in July.
Their meeting came as Seoul has stepped up efforts to expedite negotiations to finalize the details of the trade deal by sending top officials, including Finance Minister Koo Yun-cheol; Kim Yong-beom, presidential chief of staff for policy; and Trade Minister Yeo Han-koo, to the U.S. capital.
The presidential chief of staff and the trade minister also joined the meeting.
"We had sufficient talks for two hours," Kim, the presidential aide, told Yonhap News Agency as he and the industry minister walked out of the Commerce Department.
He refused to comment when asked if there was any progress in the trade negotiations.
It remains unknown whether the two sides will resume talks on Friday.
The two countries reached a framework trade deal in late July, under which Seoul has committed to investing $350 billion in the U.S., among other pledges, in return for Washington's agreement to lower its "reciprocal" tariff and sector-specific duty on South Korean autos to 15 percent from 25 percent.
But the deal has yet to go into force amid negotiations to narrow gaps over a set of sticking points, including how to fund the investment package.
Earlier in the day, the industry minister and the presidential chief of staff met with Russell Vought, director of the Office of Management and Budget (OMB) -- an office that oversees U.S. shipbuilding efforts -- to discuss bilateral shipbuilding cooperation.
"We had constructive talks on various matters with respect to the MASGA project," Industry Minister Kim told reporters, referring to the Make American Shipbuilding Industry Great Again (MASGA) project, an initiative that Korea proposed to help rebuild the U.S. shipbuilding industry as part of the trade deal.
The MASGA project is known to involve constructing new shipyards in the U.S., nurturing shipbuilding personnel and reestablishing related supply chains, as well as cooperating on maintenance, repair and overhaul (MRO) projects. It contributed to reaching the July trade deal.
Asked if Seoul officials discussed China's recent sanctioning of five U.S.-linked units of South Korean shipbuilder Hanwha Ocean, the minister said that the meeting did not touch on the issue.
"We discussed what projects (regarding the MASGA initiative) we can carry out," he said.
The officials' visit to the OMB came as the office is a "very crucial" entity for shipbuilding projects, although it is not directly involved in the trade negotiations, presidential chief of staff Kim told reporters before entering the White House.
"(We are visiting the office) as we want to listen to what it has to say and share each other's view on shipbuilding industrial cooperation between our country and the U.S.," he said.
Upon arrival at an airport near Washington earlier in the day, the presidential aide told reporters that Seoul and Washington are engaging in trade negotiations in the "most earnest and constructive" atmosphere to date.
"Taking stock of how (the negotiations) have been so far, we are at a juncture when the two countries are engaging in negotiations in the most earnest and constructive atmosphere," Kim said upon arrival at Dulles International Airport.
"(We) will do our utmost to ensure that negotiations will be wrapped up well in a direction that serves (Korea's) national interests," he added.
Asked to comment on U.S. Treasury Secretary Scott Bessent's remarks Wednesday that he expects an outcome from the negotiations within the next 10 days, the presidential official took them as an auspicious sign, saying, "Doesn't the U.S. appear to be likely to make many concessions then?
"When the U.S. expects a result within 10 days, that apparently represents its interim assessment of the negotiations with us, and I read it as a sign that is not bad," he said. "We hope that the U.S. will reflect more of our position as much as it can."
Kim also reiterated Seoul's position that it would stick to its negotiation principles rather than rush to reach a deal.
Seoul's key officials involved in the trade negotiations converged in Washington, adding to the hope that the two sides can make substantial progress ahead of an expected summit between South Korean President Lee Jae Myung and U.S. President Donald Trump on the occasion of the Asia-Pacific Economic Cooperation summit set to begin late this month in Korea.
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