Home > Business > Industry

Korean and U.S. officials meet to discuss trade agreement details in New York

Published: 13 Sep. 2025, 14:15

Korean Industry Minister Kim Jung-kwan and U.S. Commerce Secretary Howard Lutnick on Aug. 25. [MINISTRY OF TRADE, INDUSTRY AND ENERGY]

Korean Industry Minister Kim Jung-kwan and U.S. Commerce Secretary Howard Lutnick met in New York on Friday to hold follow-up talks on the two countries' trade deal reached in July, multiple sources said.

Kim has been in the United States this week to iron out differences over the details of the trade agreement under which South Korea will invest $350 billion in the U.S. in return for Washington's lowering of "reciprocal" tariffs on South Korea from 25 percent to 15 percent.

According to diplomatic sources, Kim and Lutnick held talks at an undisclosed location in New York.

"I don't believe we are at a stage to announce an outcome," one source said of the discussions.

The trade agreement was reached in July and affirmed in broad terms during last month's Washington summit between President Lee Jae Myung and U.S. President Donald Trump.

The details of the investment plan remain undecided; however, South Korea's presidential chief of staff for policy, Kim Yong-bum, recently said the two sides are at an "impasse."

Lutnick said in a CNBC interview Thursday that Seoul should either accept the bilateral framework trade deal from July or pay 25 percent tariffs.

South Korea's presidential office said the next day that national interest will remain the top priority.

"As President Lee Jae Myung said ... (we) will not take part in negotiations that veer from rationality and fairness," a presidential official said.

Yonhap