South Korean Minister Meets U.S. Commerce Secretary to Discuss Investment, Trade

South Korean Trade Minister Ahn Duk-geun held extensive discussions with U.S. Commerce Secretary Gina Raimondo during a visit to Washington, focusing on accelerating a significant investment package and addressing trade concerns. The meetings, which occurred over two consecutive days, aimed to finalize details for the first U.S. investment project, part of a larger $350 billion commitment agreed upon last year. This package includes $200 billion in strategic investments and $150 billion in shipbuilding. Ahn expressed optimism that the first project, potentially in the energy sector, could be announced by late August or early September. The minister also met with U.S. Trade Representative (USTR) officials to discuss ongoing trade investigations, including the Section 301 probe into industrial overcapacity in several economies, including South Korea. Ahn emphasized South Korea's commitment to maintaining stable trade relations and ensuring a balanced outcome from previous tariff agreements. The U.S. investigation could potentially lead to additional tariffs on South Korean products. Both nations are actively seeking common ground to ensure the smooth implementation of the investment deals and to mitigate potential trade disputes.

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We will actively respond to ensure that South Korea-U.S. trade relations are maintained stably and that the balance of benefits achieved through last year's tariff agreement is maintained.