"Final Negotiations" with Secretary Besant on the 31st
With only two days remaining until the expiration of the United States' mutual tariff suspension measure, Deputy Prime Minister and Minister of Economy and Finance Koo Yooncheol held trade negotiations for the second consecutive day with U.S. Secretary of Commerce Howard Lutnick on the 30th (local time).
On this day, Deputy Prime Minister Koo visited the U.S. Department of Commerce building in Washington, D.C., and held a meeting with Secretary Lutnick for about an hour, focusing on key trade issues, including the imposition of a 25% mutual tariff.
Attending the negotiations were Minister of Trade, Industry and Energy Kim Jeonggwan and Trade Negotiation Head Yeo Hankoo from the Korean side, while the U.S. side included Jamieson Greer, the U.S. Trade Representative (USTR).
Deputy Prime Minister Koo had his first meeting with Secretary Lutnick for about two hours immediately after arriving in the United States the previous afternoon, and continued to visit the Department of Commerce for negotiations for the second consecutive day. This is seen as an attempt to coordinate the remaining differences between the two countries until the last minute. The key issue is whether Deputy Prime Minister Koo presented the final negotiation proposal from the Korean side during the meeting, and whether there is room for the United States to accept it. It is reported that South Korea and the United States currently have differing positions regarding the scale of U.S. investment.
On the 31st, negotiations are scheduled between Deputy Prime Minister Koo and U.S. Treasury Secretary Scott Besant. This meeting, which will take place one day before the expiration of the tariff suspension deadline on August 1, is effectively considered the final round of negotiations. There are expectations that if the two countries reach a provisional agreement at this meeting, they could immediately meet with President Donald Trump to finalize the negotiations.
Previously, The Wall Street Journal (WSJ) reported that Secretary Lutnick, during a recent meeting with Minister Kim in Scotland, demanded the "best and final offer," urging the Korean side to "put everything into the final trade proposal to be presented to President Trump." This was interpreted as meaning that the U.S. side was not satisfied with Korea's proposals up to that point and was seeking further concessions.
As the Korean government mobilizes its highest-level negotiation channels for an all-out effort, the heads of major domestic conglomerates have also arrived in Washington, D.C., to provide comprehensive support. Following Lee Jayong, Chairman of Samsung Electronics, and Kim Dongkwan, Vice Chairman of Hanwha Group, it has been reported that Chung Euisun, Chairman of Hyundai Motor Group, will also join locally on this day. They are expected to provide side support to the government during the negotiations by expanding investments in the United States.
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