Overview
- President Donald Trump threatened to lift reciprocal tariffs on South Korean goods to 25 percent from 15 percent, then said the two countries could "work something out" while warning tariffs could become "much steeper."
- Treasury Secretary Scott Bessent said there is "no trade deal" until Korea’s National Assembly ratifies implementing legislation, signaling continued pressure tied to parliamentary action.
- Industry Minister Kim Jung-kwan met Commerce Secretary Howard Lutnick over two days in Washington, reporting no conclusion but a deeper mutual understanding and plans to continue talks by video.
- No Federal Register notice or other formal U.S. administrative step has been issued to implement a tariff increase at this time.
- Seoul reiterated its commitment to a roughly $350 billion U.S. investment under the 2025 arrangement and said it will work with lawmakers to advance the bill, with both sides stressing mutually beneficial projects.