Minister of Industry Kim Jeong-kwan: “There is no intention to delay the implementation of the Korea-U.S. tariffs... Resolving unnecessary misunderstandings”

Regarding the controversy over the re-imposition of Korea-U.S. tariffs, Minister of Industry and Trade Kim Jeong-kwan, who visited the U.S. and returned on the 31st, stated, “I have sufficiently explained that the Korean government has no intention to delay or not implement the tariff agreement,” adding, “I believe unnecessary misunderstandings have been resolved.”

At Incheon Airport, Minister Kim told reporters, “The U.S. side expressed disappointment regarding the Special Law on Investment in the U.S. being pending in the National Assembly,” and explained in detail that “since the bill was submitted last November, the discussion conditions have not been favourable due to the budget National Assembly and personnel hearings.”

Previously, U.S. President Donald Trump announced that he would re-impose reciprocal tariffs on Korean products from 15% back to the pre-Korea-U.S. trade agreement level of 25% due to the delay in the legislation of the Special Law on Investment in the U.S. In response, Minister Kim suspended his business trip to Canada and was urgently dispatched to Washington D.C. on the night of the 28th to meet with U.S. Secretary of Commerce Howard Rutnik twice to discuss trade issues.

Minister Kim stated, “I conveyed that the special law bill would progress rapidly and that we would share our understanding with the U.S. side,” adding, “The discussion does not end here; we plan to continue with a video conference in Korea after internal reviews on both sides.”

When asked whether the U.S. has actually begun the procedure for re-imposing tariffs, he replied, “I understand that preparations for tariff increases are underway administratively, as well as from President Trump’s message,” and stated, “They are preparing procedures such as publication in the official gazette.”

Regarding the first investment project in the U.S., he said, “It is not the stage to discuss specific projects,” and explained, “Official procedures can only be possible once the special law is passed, and the U.S. has expressed disappointment that this part is not currently being carried out.” However, he added, “We will consider whether there are ways to discuss projects even before the law is passed at the government level.”

In relation to the background of the U.S. tariff pressure, such as the Online Platform Fairness Act (Onpl Act) or the so-called ‘Coupang issue’, he drew a line. Minister Kim stated, “Discussions related to the Onpl Act have never been mentioned even once during the negotiation process,” and added, “It seems that the U.S. also does not consider this issue as a key issue affecting tariffs.”

Meanwhile, during his visit to the U.S., Minister Kim also met with U.S. Secretary of Energy Chris Wright to discuss cooperation in the energy and resources sector. He stated, “It is not something I can specifically disclose, but there were various discussions on cooperation, including in the nuclear field.”