Kim Yongbeom in Washington for Tariff Talks: "Negotiations in a Constructive Atmosphere... U.S. Mention of 'Results Within 10 Days' Is a Positive Sign"

Arrival in Washington D.C. with Minister Kim Jeonggwan
"We Will Do Our Best to Conclude Negotiations in the National Interest"

On October 16 (local time), Kim Yongbeom, Chief of Policy Office at the Presidential Office, assessed the Korea-U.S. tariff negotiations, stating, "Both countries are negotiating in the most serious and constructive atmosphere to date."

Kim Yongbeom, Chief of Policy Office at the Presidential Office, who is scheduled to negotiate with Howard Lutnick, U.S. Secretary of Commerce, regarding follow-up discussions on the Korea-U.S. tariff negotiations, is speaking on the 16th before departing for Washington D.C. through Terminal 2 of Incheon International Airport. On the left is Kim Jeonggwan, Minister of Trade, Industry and Energy. Photo by Yonhap News Agency

After arriving at Dulles International Airport near Washington D.C. with Kim Jeonggwan, Minister of Trade, Industry and Energy, Kim told reporters, "We will do our best to ensure that the negotiations are concluded in a way that benefits the national interest."

When asked about U.S. Secretary of the Treasury Scott Besant's remark the previous day that he expected results from trade negotiations with Korea within the next ten days, Kim replied, "Doesn't it seem like the United States will not make many concessions?" He added, "The fact that the United States is making such predictions is not a bad sign as a mid-term check on the negotiations. I hope the United States will be more flexible and reflect our position as much as possible."

When asked whether his visit to the Office of Management and Budget (OMB) at the White House signaled that the negotiations had entered the stage of adjusting the language of the agreement, Kim drew a clear line, saying, "No." He explained, "The negotiations are being conducted by Minister Kim and Secretary Howard Lutnick of the U.S. Department of Commerce," adding that the OMB visit was "in the context of meeting widely and explaining our position."

Kim reiterated that the negotiations are being conducted between Minister Kim and Secretary Lutnick. However, the Korean government has also conveyed its position through various channels within the Donald Trump administration, including a meeting between President Lee Jaemyung and Secretary Besant on the occasion of the United Nations General Assembly in New York last month, in addition to Secretary Lutnick in the tariff negotiations.

Regarding the negotiations on the Korea-U.S. currency swap agreement, which Korea requested out of concern for foreign exchange market instability along with the promised $350 billion investment in the United States, Kim stated, "We raised issues about the impact on our foreign exchange market, and I can only say that the United States understood our concerns." Regarding media reports surrounding the currency swap discussions, he said, "There are many stories circulating that are just ideas or proposals that were once suggested but are no longer valid."

While the United States has shown reluctance toward Korea's request for an unlimited currency swap, it is reported to have proposed an alternative in which part of the investment fund for the United States would be received in Korean won and used as collateral to procure U.S. dollars.

Finally, Kim reaffirmed his previous position that he would not abandon principles under time pressure and emphasized, "We will do our best to reach an agreement."