South Korean minister denies U.S. pressure on investment, downplays tariff concerns

South Korean Minister of Trade, Industry and Energy Kim Jung-kwan has refuted claims that the United States has pressured Seoul over its investment commitments. Speaking to reporters upon arrival at Washington Dulles International Airport on August 16, local time, Kim stated he had not received any such letters from the U.S.

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I have not received (any letters).

Reports had suggested that the U.S. had sent a letter to South Korea to pressure the government over the implementation of its $350 billion (approximately 480 trillion won) investment pledges in the U.S. Kim dismissed these reports, saying, "I am not aware of that." He added that the acceleration of investments has been a topic of discussion since early in the year, with President Donald Trump also making similar remarks. The South Korean government agrees with the need to speed up investment implementation, as a year has passed since the initial pledges were made.

Minister Kim explained that his visit to the U.S. was to finalize details of investment projects planned for late August and early September. He noted that various practical issues have arisen in negotiations between South Korea and the U.S., necessitating his trip for overall coordination. The visit, which was not originally scheduled, is seen as an effort to explain South Korea's position amid perceived increasing U.S. pressure regarding investment implementation.

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I am not aware of that.

Regarding the potential for additional tariffs following the U.S. Trade Act Section 301 investigation results, expected by the end of August, Kim suggested that a 15% tariff agreement between South Korea and the U.S. is already in place. He acknowledged that the investigation's outcome is being delayed but expressed confidence that both nations would adhere to the spirit of their agreement. He also addressed the vacancy in the position of Korea's chief trade negotiator, assuring that the responsibilities would be managed without disruption.

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We will do our best without prejudging.