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Trade minister says 'devil is in the details,' Korea, U.S. in 'intense' negotiations

Published: 16 Sep. 2025, 09:17

Trade Minister Yeo Han-koo speaks to the press upon arrival at Dulles International Airport near Washington on Sept. 15. [YONHAP]

Korea's Trade Minister Yeo Han-koo said Monday that the "devil is in the details," noting that Seoul and Washington are engaging "intensively" in negotiations to hash out specifics of a bilateral framework trade deal struck in July.

Yeo made the remarks in a meeting with reporters upon arrival at Dulles International Airport near Washington, as he plans to meet U.S. Trade Representative (USTR) Jamieson Greer and other officials in the U.S. capital to continue follow-up negotiations on the July deal.

"The devil is in the details [...] [We] are in the middle of intensively negotiating over the details," Yeo said.

He reiterated that Seoul would prioritize securing national interests in the talks.

"[I] will do my best to reflect national interests across the board, through efforts, including meeting the USTR," he said.

Asked if the recent detention of Korean workers in an immigration raid in Georgia would affect negotiations, the minister said, "the mood is that the U.S. side apparently thinks [the detention] was a bit excessive."

"[I] will do my utmost to reflect the interests of Korean companies as much as [I] can," he said.

Commenting on the speculation that negotiations have hit an impasse, Yeo said, "The most important task is to forge a reasonable negotiation result that serves national interests to the maximum."

The reduction of U.S. tariffs on Japanese autos to 15 percent from 27.5 percent, starting Tuesday, has further raised pressure on Korean negotiators, as it is bound to put Korean auto exports at a disadvantage in the U.S. market.

The United States has agreed to lower tariffs on Korean autos to 15 percent as well, as part of the bilateral trade deal, but it remains uncertain when the deal will go into force amid negotiations over its specifics.

"We are making our efforts to ensure that [the auto tariff reduction] can also be implemented [for Korean cars]," Yeo said. "As we are in the negotiation process, we will stay levelheaded."

U.S. Secretary of Commerce Howard Lutnick speaks during an interview with CNBC on the floor at the New York Stock Exchange in New York City on Sept. 11. [REUTERS/YONHAP]

His trip comes after U.S. Commerce Secretary Howard Lutnick stepped up pressure on Korea, saying that Seoul should either accept the trade deal or pay tariffs.

In late July, Seoul and Washington reached the trade deal under which the U.S. government agreed to lower "reciprocal" tariffs on Korea to 15 percent from 25 percent in return for Seoul's commitment to investing $350 billion in the United States and other pledges.

The two sides have been in talks to reach consensus on details of the deal, such as the makeup of Seoul's investment package, funding plans and profit-sharing.

On the funding front, Seoul officials have said that its investment will come mostly in the form of loans and loan guarantees, while the United States is thought to want Korea to increase the portion of its direct investments in the investment package, according to reports.

"We are analyzing all opinions," the minister said, touching on the investment methods. "What matters most is what would bring the best result for us.

When it comes to the profit-sharing matter, much attention has been given to the U.S.-Japan deal.

Lutnick has told CNBC that the United States will initially split profits equally on projects funded through Japan's investment totaling $550 billion, and that once Japan recoups its $550 billion, the United States will get 90 percent of the profits, with Japan taking the remainder.

Yonhap