Home > Business > Economy

Industry minister ends 2-day tariff talks with Lutnick without results

Published: 26 Jul. 2025, 15:37 Updated: 26 Jul. 2025, 15:42

Korea's Industry Minister Kim Jung-kwan, right, talks with U.S. Secretary of Commerce Howard Lutnick, left, during a meeting at the U.S. Department of Commerce in Washington on July 24.[MINISTRY OF TRADE, INDUSTRY AND ENERGY]

Korean Industry Minister Kim Jung-kwan has wrapped up his two-day tariff talks with U.S. Commerce Secretary Howard Lutnick, without tangible results, sources said Saturday.

Kim and Lutnick's second-day meeting, which took place at Lutnick's residence in New York, finished late Friday night (U.S. time) without solid results, according to the sources familiar with the matter.

The two had also met the previous day in Washington to discuss pending trade issues, including tariffs, non-tariff measures and industrial cooperation.

In Friday's meeting, Kim is said to have presented a revised proposal to narrow their differences on contentious items, including the $100 billion investment plan by Korean companies in the U.S. and what Washington calls "trade barriers" on beef and rice imports by Seoul.

The Donald Trump administration has reportedly been pressuring Korea to lift its import ban on American beef from cattle aged 30 months or older and expand rice imports from the U.S.

However, the advanced proposal appears to have fallen short of satisfying Lutnick, as the sources indicated Korea needs further "internal discussions" based on the results of this week's negotiations.

The presidential office is reportedly planning to hold another trade strategy meeting later in the day to discuss the next steps toward securing a tariff deal with the U.S., following a similar session held the previous day.

Korea faces added pressure in the negotiations as Japan, one of its major export competitors, recently concluded a trade deal with Washington that lowered reciprocal tariffs to 15 percent in exchange for further opening of its markets to American automobiles and agricultural products, along with a $550 billion investment pledge.

The Trump administration has warned Korea will be subject to a 25 percent reciprocal tariff unless it reaches a deal before Aug. 1.

Meanwhile, Kim also met with U.S. Energy Secretary Chris Wright and Interior Secretary Doug Burgum, who doubles as chairman of the National Energy Council, this week to discuss strengthening cooperation in areas such as liquefied natural gas (LNG), energy security and critical minerals, according to his office.

Trade Minister Yeo Han-koo also held separate meetings with U.S. Trade Representative (USTR) Jamieson Greer and Texas Gov. Greg Abbott in a bid to make progress in trade negotiations.

Yonhap