Overview

• Presidential policy chief Kim Yong-beom said talks made substantive progress, though one or two issues still require coordination.
• Industry Minister Kim Jung-kwan said the United States is no longer insisting the full US$350 billion pledge be paid entirely in cash.
• Kim said both sides reached a broad understanding that any deal should not burden South Korea’s foreign exchange market.
• The minister met U.S. Commerce Secretary Howard Lutnick to narrow differences on financing methods and profit allocation tied to the pledge.
• Negotiators are working to show progress during the APEC period in Korea later this month, using the leaders’ meeting as an opportunity rather than a fixed deadline.