Significant progress in U.S. tariff talks”

Presidential Chief of Staff for Policy Kim Yong-beom and Finance Minister Koo Yun-cheol returned home from a visit to the U.S. for follow-up discussions on the two countries’ tariff negotiations. Kim said that the two countries made practical progress on most key issues but some issues still require coordination.

Kim also said “They have made significant progress with the U.S. but there remain one or two issues requiring coordination. The key issue was how to address the U.S. demand for a 350-billion-dollar direct investment. Kim declined to elaborate on the details such as the possibility of a currency swap deal or a long-term installment plan, saying that they are still in negotiations. But he said that the U.S. fully recognizes and understands the impact such a large-scale direct investment will have on Korea’s foreign exchange market.