South Korea, US tariff talks end without agreement amid renewed trade tensions

​​​​​​​By Anadolu staff

ISTANBUL (AA) - South Korea and the US tariff talks ended without reaching an agreement amid renewed tariff tensions, South Korean media reported Saturday.

Industry Minister Kim Jung-kwan and US Commerce Secretary Howard Lutnick met for a second straight day Friday, according to Yonhap News.

"Our understanding of each other's positions has deepened. There were discussions on how to find a middle ground," Kim told reporters after the meeting. "We need more talks. We have not yet reached a conclusion.”

But Kim did not share details about when the US new tariffs will take effect and said "negotiations are ongoing."

US President Donald Trump announced higher tariffs on South Korean goods Monday, 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.

Seoul and Washington signed a memorandum of understanding in November, 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 in July.