By Anadolu staff
ISTANBUL (AA) - South Korea and US officials failed to reach a deal during the first day of tariff talks in Washington as the two sides agreed to continue negotiations, South Korean media reported on Friday.
South Korea’s Industry Minister Kim Jung-kwan met with US Commerce Secretary Howard Lutnick over renewed tariff tensions in Washington on Thursday, according to Yonhap News.
Speaking to reporters after the meeting, Kim said discussions were extensive but inconclusive, coming just days after US President Donald Trump threatened to raise reciprocal tariffs on South Korean goods.
“We had extensive talks and agreed to meet again tomorrow morning,” Kim said, adding, “We have not yet reached a conclusion.”
Asked whether the talks had succeeded in preventing a tariff hike, Kim said it was too early to say.
“We were not at the point of saying whether it was prevented or not prevented,” he noted.
Kim is also scheduled to meet other senior Trump administration officials during his visit, including US Energy Secretary Chris Wright.
On Monday, Trump announced higher tariffs on South Korean goods, accusing Seoul’s legislature of failing to approve a previously agreed trade deal. He said tariffs would be raised from 15% to 25% on autos, lumber, and pharmaceuticals.
Trump appeared to be referring to a pending investment bill that the ruling Democratic Party plans to review and vote on next month, seeking bipartisan support from the opposition.
In November last year, Seoul and Washington signed a memorandum of understanding formalizing South Korea’s $350 billion investment pledge in exchange for lower US tariffs.
Under the agreement, South Korea is to invest $200 billion in cash installments, capped at $20 billion annually, along with $150 billion for bilateral shipbuilding cooperation. In return, Washington reduced reciprocal tariffs on South Korean imports to 15%, as agreed last July.