Korea and U.S. Hold Critical Trade Discussions

Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol met with U.S. Commerce Secretary Howard Lutnick in Washington, D.C., on July 29, for pivotal trade talks. The meeting, which lasted approximately two hours, was part of urgent efforts to negotiate before the impending tariff imposition on August 1.

U.S. urges Korea to present final proposal

Prior to the meeting, Secretary Lutnick encouraged the Korean delegation to bring forth their best and final offer, signaling the need for a proposal that would be acceptable to President Donald Trump. This includes potential cooperation in the shipbuilding industry under the project named "MASGA" (Make American Shipbuilding Great Again).

Global Trade Tensions Escalate

The negotiations occur as the U.S. continues discussions with major trading partners, including Korea, Canada, and Mexico, to avoid mutual tariff impositions. Reports suggest a significant gap between the U.S. demand for $400 billion in investments from Korea and Korea's proposed $100 billion plus additional considerations.

With the deadline looming, Korean leaders, including Samsung Electronics Chairman Lee Jae-yong and Hanwha Group Vice Chairman Kim Dong-kwan, have also made visits to Washington, D.C., underscoring the urgency of reaching an agreement.