South Korea’s Industry Minister Kim Jung-kwan has said Seoul and Washington must resolve remaining issues concerning a $200 billion investment plan agreed as part of their bilateral tariff negotiations.
Kim made the remarks after arriving in Dallas, Texas, on Sunday, as South Korea continues to face tariff pressure from the United States amid several unresolved trade issues between the two countries.
South Korea agreed to invest $350 billion in the United States last year as part of a trade agreement that reduced the U.S. tariff rate on Korean imports from 25% to 15%. Of the total investment, $150 billion was earmarked for cooperation in the shipbuilding sector, while discussions are ongoing between the two countries over the implementation of the remaining $200 billion.
“We had previously said we were considering announcing the projects around the end of August or early September, but as we approach the final stage, various specific issues are emerging at the working level,” Kim said.
Kim’s visit came just two days after Korea’s chief trade negotiator, Yeo Han‑koo, was dismissed, as Seoul continues to face heightened trade pressure from Washington.
The ministry earlier noted that the U.S. government is expected to release the findings of its Section 301 investigation into alleged overproduction by the end of the month. In addition, Washington last month announced new tariffs on imports from 60 trading partners, ranging between 10% and 12.5%, following a Section 301 investigation into forced labor under the Trade Act of 1974.
Under the revised tariff framework, Korea faces a 12.5% duty, the same rate applied to Japan and Switzerland. Separately, the U.S. government is examining 16 economies, including South Korea, over allegations of excess industrial capacity under the same trade law.
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