South Korea: "Substantial progress" made in tariff negotiations with the United States

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South Korea’s top policy official stated that “substantial progress” has been made on most key issues in tariff negotiations with the United States. Currently, there are still differences over the structure of the $350 billion investment fund, which is at the core of the agreement to cap U.S. tariffs on South Korean goods at 15%.

On October 20, according to media reports, Kim Yong-beom, head of policy at the South Korean presidential office, said at a televised briefing on Sunday that the two countries had reached broad consensus on many issues, but several issues still require further negotiations. He also stated that the likelihood of an agreement being reached at the upcoming APEC summit has increased.

This event occurred after senior South Korean corporate executives attended an informal event at Trump’s Mar-a-Lago estate. According to South Korean media such as Yonhap News Agency, representatives of South Korean conglomerates including Hyundai Motor, SK Group, and Hanwha Group, along with business leaders from Japan and Taiwan, attended the event. The gathering reportedly lasted over seven hours, and participants likely discussed trade and investment issues with Trump.

Boosted by this news, South Korea’s benchmark stock index Kospi hit a new high during Monday trading, surpassing the 3800-point level.

Previously, according to CCTV News, the U.S. and South Korea reached a trade agreement framework in July, under which the U.S. would lower tariffs on South Korean goods in exchange for a $350 billion investment from South Korea. Lee Jae-myung commented that, due to disputes over how to handle the investment, the agreement has not yet been implemented. Lee noted that if South Korea extracts $350 billion in cash as requested by the U.S. and invests it all in the U.S., South Korea would face a situation similar to the financial crisis in 1997.

President Trump has repeatedly demanded that South Korea “pay the $350 billion investment in advance.” South Korea, meanwhile, is pushing for a foreign exchange swap agreement to support its investment plan promised in tariff talks, noting that the proposed amount takes up more than 80% of its foreign exchange reserves. According to the Dong-A Ilbo, quoting an unnamed government official, the investment plan will now be structured with loans and reserves in the form of a mix of won and U.S. dollars.

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