Tariff talks between industry minister, Lutnick conclude without agreement

Industry Minister Kim Jung-kwan speaks to the press outside the U.S. Commerce Department in Washington, Friday (local time). Yonhap

Industry Minister Kim Jung-kwan said Friday that his talks with U.S. Commerce Secretary Howard Lutnick over renewed trade tensions ended without reaching a conclusion, but their understanding of each other's positions has "deepened."

They met at the Commerce Department in Washington for the second straight day, after U.S. President Donald Trump's threatened on Monday to raise "reciprocal" tariffs and auto duties on Korea to 25 percent from 15 percent, citing a delay in the Asian country's legislative process supporting the implementation of a bilateral trade deal.

"Our understanding of each other's positions has deepened. There were discussions on how to find a middle ground," Kim told reporters as he walked out of the department's building.

"We need more talks. We have not yet reached a conclusion," he added.

Asked if there were discussions about when the U.S. will actually raise the tariffs, he refused to elaborate.

"Negotiations are ongoing," he said.

Kim and Lutnick plan to continue talks via video links after Kim returns home, the minister said.

During this week's talks with Lutnick, Kim was expected to underscore Seoul's commitment to fulfilling its investment pledge under the trade deal with Washington that was first struck in late July and finalized months later.

Under the deal, Korea has committed to invest $350 billion in the United States, among other pledges, in return for the U.S.' lowering of "reciprocal" tariffs on Korea.