Industry minister says 'unnecessary misunderstandings' resolved via tariff talks with US

Industry Minister Kim Jung-kwan speaks to the press at Incheon International Airport, Saturday. Yonhap

Industry Minister Kim Jung-kwan said Saturday he thinks "unnecessary misunderstandings" were resolved through his talks with U.S. Commerce Secretary Howard Lutnick in Washington over renewed trade tensions this week.

Kim made the remarks upon his return to Incheon International Airport, west of Seoul, after holding meetings at the Commerce Department, Thursday and Friday (local time), which ended without reaching a conclusion.

"Our mutual understanding has deepened significantly," Kim said. "I believe some unnecessary misunderstandings have been resolved."

Kim's trip came after U.S. President Donald Trump threatened Monday to raise "reciprocal" tariffs and auto duties on Korea to 25 percent from 15 percent, citing delays in the Asian country's legislative process supporting the implementation of a bilateral trade deal.

Last year, the two countries agreed on a trade deal under which Korea would invest $350 billion in the United States in return for a cut in tariff rates.

The ruling Democratic Party of Korea submitted a bill to the National Assembly in November to implement the bilateral trade and investment deal, which has yet to be passed.

"We have sufficiently explained that the Korean government has no intention at all not to implement the tariff agreement (reached then) nor delay it," Kim said.

The industry minister noted that the special bill is expected to be processed quickly and explained the background of the delay to the U.S. side.