Lutnick to have dinner with Korean business leaders

U.S. Secretary of Commerce Howard Lutnick speaks s as U.S. President Donald Trump signs executive orders in the Oval Office of the White House in Washington, Sept. 19. EPA-Yonhap

U.S. Secretary of Commerce Howard Lutnick has reportedly suggested a dinner meeting with Korea’s top conglomerate leaders from Samsung, SK, LG and Hyundai Motor on the sidelines of this week's Asia-Pacific Economic Cooperation (APEC) summit.

The dinner will take place Wednesday after President Lee Jae Myung holds his second summit with U.S. President Donald Trump in Gyeongju, North Gyeongsang Province.

Lutnick is believed to have made the suggestion through the U.S. Embassy in Seoul. Both sides are fine-turning a detailed agenda for the upcoming meeting.

Potential participants for the dinner include Samsung Electronics Executive Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, LG Group Chairman Koo Kwang-mo, Hyundai Motor Group Executive Chair Chung Euisun and Hanwha Group Vice Chairman Kim Dong-kwan.

President Lee Jae Myung speaks during a meeting with leaders from Korea's major conglomerates at the presidential office in Seoul, Aug. 19. On his left is Samsung Electronics Executive Chairman Lee Jae-yong. Courtesy of the presidential office

The Korean business leaders recently visited the U.S. to play golf with Trump and meet with ranking officials from his administration for talks on U.S. trade policies.

Korea and the U.S. remain in a tight tug-of-war in their long-protracted trade talks, even after both sides reached a broad framework agreement in July.

The Korean business leaders are expected to express their hardship regarding the uncertain trade environment in the U.S. amid both countries’ unsettled trade deal during their meeting with Lutnick.

Lutnick is one of the highest-ranking U.S. government officials in charge of the ongoing Korea-U.S. trade talks.

Lee and Trump could also join the meeting briefly, though no specific details have so far been confirmed.

Both countries continue to make efforts to narrow their differences in the trade negotiations, but they remain divided over details of Korea’s $350 billion investment fund in the U.S.

Korea and the U.S. were earlier expected to clinch a detailed trade agreement on the sidelines of the upcoming summit between Lee and Trump, but that has begun to appear less likely because of the two sides' lingering differences.

Lee also said in a recent overseas media interview that “every single detail” of the operation of the fund remains unsettled with the U.S.

“Delayed talks do not mean failure,” Lee said during the interview. "As the U.S. is an ally with Korea, we will be able to reach a reasonable agreement only when it can be satisfactory to both sides."