Kim Yongbeom and Kim Jeonggwan Return Early on the 24th After Additional U.S. Negotiations, Carrying the President's Intentions

Continued Two-Hour Negotiations with Secretary Lutnick
Returned to the U.S. Within 2-3 Days
Likely Discussed Details of the "U.S. Investment Package"

Kim Yongbeom, Chief Presidential Secretary for Policy, and Kim Jeonggwan, Minister of Trade, Industry and Energy, who revisited the United States for additional Korea-U.S. tariff negotiations, will return to Korea in the early morning of October 24.

Yonhap News Agency

The Office of the President and the Ministry of Trade, Industry and Energy announced their return schedule to the media on October 23. Chief Secretary Kim and Minister Kim departed for the United States on October 22 and held approximately two hours of negotiations with Secretary of Commerce Howard Lutnick at the Department of Commerce building in Washington, D.C. This was a continuation of negotiations at the same location just two to three days after their previous round with Secretary Lutnick on October 16 and their subsequent return to Korea.

They negotiated the details of a $350 billion (about 500 trillion won) U.S. investment package. In particular, it is believed that they focused on key issues such as the proportion of cash investment and the investment execution period.

With senior officials from both countries meeting twice in a short period and holding intensive negotiations, there is speculation that the long-stalled tariff talks may be gaining momentum. Depending on the outcome of these negotiations, there could be tangible results at the Korea-U.S. summit to be held on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit in Gyeongju at the end of October. However, after the negotiations with Secretary Lutnick, Chief Secretary Kim told reporters, "There has been some progress," but added, "Further discussions are needed on the remaining issues."

Some observers believe that, based on what has been agreed upon so far, it is now time for a decisive move by the leaders of Korea and the United States. After returning to Korea, the two are expected to report the status of the negotiations to President Lee Jaemyung and discuss the direction of future talks.