Seoul, South Korea — South Korea’s top economic policymaker said Friday that Seoul and Washington made “substantial progress” in their ongoing tariff negotiations during meetings in Washington, D.C. this week, raising expectations that a deal could be reached around the upcoming APEC Summit.
Kim Yong-beom, Director of Policy at the Presidential Office, told reporters upon arriving at Incheon International Airport that the discussions were held “in a very serious and constructive atmosphere,” with both sides narrowing differences on most key issues.
“We achieved meaningful progress in most of the contentious areas,” Kim said. “However, some matters still require coordination. We’ll do our best to conclude the negotiations smoothly and achieve results that benefit our national interest.”
Kim noted that the likelihood of finalizing a deal by the Asia-Pacific Economic Cooperation (APEC) Summit in Gyeongju later this month had increased compared to before his visit.
“There are still one or two issues that need deeper review and additional talks, but the gap has clearly narrowed,” he added.
When asked about reports suggesting a $350 billion South Korean investment in the United States to be allocated over the next decade, Kim declined to confirm details.
“It’s difficult to comment on individual agenda items,” he said.
Still, he emphasized that “both sides are nearing consensus on ensuring that the agreed $350 billion investment, announced on July 31, will be managed through mutually beneficial programs.”
Regarding the possibility of a currency swap agreement, Kim said the U.S. now has “a clearer understanding” of how large-scale Korean investments might affect foreign exchange markets.
“The negotiation framework must stay within a range that South Korea can sustain,” he noted, adding that Seoul and Washington “are now much closer in their positions than before.”
Kim and Trade Minister Yeo Han-koo met with U.S. Commerce Secretary Howard Lutnick for about two hours on October 16 at the Department of Commerce headquarters. They also held separate talks with Russell Vought, Director of the White House Office of Management and Budget (OMB).
Meanwhile, Deputy Prime Minister and Finance Minister Koo Yoon-chul, who attended the G20 Finance Ministers’ Meeting in the United States and met with Treasury Secretary Scott Bessent, returned to South Korea on the same flight as Kim.
Koo declined to comment on the tariff negotiations, saying only that “the discussions are still in progress.”
