South Korean Presidential office holds emergency response meeting on US tariffs

Seoul, Oct 5
The South Korean presidential office on Sunday held an emergency response meeting on Washington's tariff policy following a bilateral trade ministerial meeting on the previous day.



Kim Yong-beom, presidential chief of staff for policy, and National Security Adviser Wi Sung-lac co-chaired the meeting, joined by finance, foreign and trade ministers, according to the presidential office.

The meeting came after Industry Minister Kim Jung-kwan and US Commerce Secretary Howard Lutnick met in the United States on Saturday (local time) to discuss tariff issues, Yonhap news agency reported.

"During the meeting, Industry Minister Kim Jung-kwan shared the results of his meeting with Commerce Secretary Lutnick, which was held late Saturday in the United States, and participants discussed ways to address tariff negotiations based on the outcome," the presidential office said.

"The government will continue to engage in follow-up negotiations with the United States on tariffs under the principle of putting the country's interest as the top priority," it added.

On September 29, South Korea's National Security Adviser Wi Sung-lac said that South Korea is unable to fulfil its USD 350 billion investment pledge to the United States in cash under a framework deal that lowered tariffs, after US President Donald Trump said the investment package would be made "upfront."

Wi made the remarks as Seoul and Washington have been hammering out the details of the investment package to finalise a framework deal in July that lowered the US tariffs from 25 per cent to 15 per cent.

"From our perspective, it is not possible to pay USD 350 billion in cash," Wi told reporters.

Asked about Trump's remark on the upfront payment, Wi said it was not clear whether the US president fully reflected on Seoul's stance, adding he presumed Trump reiterated the US government's "basic stance."

Seoul officials have said the USD 350 billion investment pledge required safeguards, such as a currency swap, and was intended to finance projects rather than a cash payment.

He also said he was not aware of the intention behind US Commerce Secretary Howard Lutnick's remark that discussions with Korean officials included the possibility of raising the investment amount beyond the initial pledge.

With intense negotiation currently underway, Wi struck a cautious tone toward the ruling Democratic Party's recent criticism of Washington's demands.

"As negotiations with the US are taking place in a highly intense atmosphere, I believe we should use all available cards, but we must not overplay them," Wi said.