Commerce officials from South Korea and the United States conducted private negotiations Friday in New York regarding their bilateral trade arrangement. Industry Minister Kim Jung-kwan represented Seoul while Commerce Secretary Howard Lutnick spoke for Washington during these closed-door discussions. The meeting addressed unresolved aspects of their July agreement that commits Korea to a $350 billion American investment program. Under this framework, Washington would reduce its reciprocal tariffs on Korean goods from 25 percent down to 15 percent.
Diplomatic sources confirmed the talks occurred at a confidential Manhattan location. Neither government announced concrete results from these deliberations. Korea's policy chief Kim Yong-bum previously described the negotiations as reaching a deadlock over investment specifics. Lutnick warned Thursday that Seoul must either accept the existing bilateral framework or face the full 25 percent tariff burden. Korean presidential representatives responded by emphasizing their commitment to rational and fair negotiations that serve national interests.
Diplomatic sources confirmed the talks occurred at a confidential Manhattan location. Neither government announced concrete results from these deliberations. Korea's policy chief Kim Yong-bum previously described the negotiations as reaching a deadlock over investment specifics. Lutnick warned Thursday that Seoul must either accept the existing bilateral framework or face the full 25 percent tariff burden. Korean presidential representatives responded by emphasizing their commitment to rational and fair negotiations that serve national interests.
