Presidential Office Confirms Deal by August 1... No Setbacks in U.S. Negotiations

Presidential Office Briefs on July 25 Trade Countermeasure Meeting Results
Policy Chief: "Emphasis on Manufacturing Cooperation, Strong Request for Tariff Easing"
Concerns Over Delays in Korea-U.S. Tariff Negotiations?...National Security Chief: "Negotiations Still Ongoing"

Seongrak Wi, Director of the National Security Office (left), and Yongbeom Kim, Director of the Presidential Office Policy Office, switched seats in front of the microphone to answer reporters' questions regarding the briefing on the trade countermeasures meeting held on the 25th at the Yongsan Presidential Office building in Seoul, presided over by Hunsik Kang, Chief Secretary to the President. Photo by Yonhap News

The Presidential Office announced on July 25 that it had confirmed with the United States the intention to conclude negotiations before the start of reciprocal tariffs by the U.S. on August 1. In response to reports questioning whether negotiations with the U.S. were proceeding smoothly, the office clarified, "Negotiations are still ongoing."

Kim Yongbeom, Chief Policy Officer, held a briefing at the Yongsan Presidential Office on the same day and disclosed the results of the trade countermeasure meeting that took place earlier. Kim stated, "Both sides?Korea and the United States?reaffirmed the importance of mutual cooperation in strategic manufacturing sectors, including shipbuilding and semiconductors, and agreed to further specify ways to cooperate in the future." He emphasized, "We once again confirmed our commitment to derive a mutually beneficial agreement before August 1."

This meeting was held to receive a report on the negotiations conducted by the Korean government delegation dispatched to the United States and to discuss future response measures. On July 24 local time, Minister of Trade, Industry and Energy Kim Jeonggwan and Trade Negotiation Head Yeo Hankoo met with U.S. Secretary of Commerce Howard Lutnick and others in the United States. Kim explained, "Our side strongly requested the U.S. to ease tariffs and reciprocal tariffs by item, including automobiles, while emphasizing the importance of manufacturing cooperation between the two countries."

Minister Kim and Head Yeo plan to hold additional consultations with Jamieson Greer of the U.S. Trade Representative and Secretary Lutnick on July 25 U.S. time. The Presidential Office stated that if a more advanced proposal emerges from the talks scheduled for early tomorrow morning Korea time, a response plan will be discussed immediately in the morning.

Concerns Over Delays in Korea-U.S. Tariff Negotiations?..."Negotiations Still Ongoing"

Kim Yongbeom, Director of the Presidential Office Policy Office (left), and Wi Seongrak, Director of the National Security Office, switched seats in front of the microphone on the 25th at the Presidential Office building in Yongsan, Seoul, to answer reporters' questions regarding the briefing on the trade countermeasure meeting chaired by Kang Hunsik, Chief of the Presidential Secretariat. Photo by Yonhap News

It has been reported that agricultural products are also included in the negotiation agenda with the United States. When asked whether agricultural and livestock products such as rice and beef were being discussed, Kim replied, "Agricultural products are included in the negotiation items." Kim further explained, "Mainly, it is part of the Commerce Secretary's package," and added, "As far as I know, Greer's side does not include many agricultural products."

Kim also stated, "Active discussions are ongoing in the trade sector, including tariffs, non-tariff barriers, and investment," and added, "We listened to which areas the U.S. is focusing on, and our side made proposals that could particularly contribute in ways that are mutually beneficial between Korea and the U.S." He further assessed, "There are areas of U.S. interest, and the consultations are proceeding effectively."

He dismissed suspicions that the Korea-U.S. negotiations were facing setbacks. On July 25, the planned Korea-U.S. '2+2 (Finance and Trade Ministers) Ministerial Meeting' in Washington, D.C., was abruptly canceled due to scheduling issues with U.S. Treasury Secretary Scott Besant. National Security Office Chief Wi Sunglak stated, "Some have speculated that there is something unusual happening on the negotiation front between Korea and the U.S., or that negotiations are being rejected," and explained, "As you can see, negotiations are still ongoing."

Regarding the recently announced $550 billion investment in the United States as part of the conclusion of negotiations between the U.S. and Japan, Kim Yongbeom, Chief Policy Officer, said, "The detailed breakdown has not been disclosed," indicating that further analysis is needed.