South Korea industry minister says US tariff talks in critical phase

SEOUL – South Korea’s newly minted Industry Minister, Mr Kim Jung-kwan, said on July 21 that tariff talks with the US are in a critical phase that could result in all kinds of possible scenarios, according to the Ministry of Trade, Industry and Energy.

Mr Kim pledged an all-out effort to smoothly wrap up the talks as Aug 1 – the date when the US has said its “reciprocal” tariffs will take effect – approaches, the ministry said.

South Korean National Security adviser

Wi Sung-lac has headed to Washington,

the authorities said on July 20, and media reports have said other ministers, including Mr Kim, could also travel to the US this week to sit down with their counterparts.

Mr Wi told Hankyoreh newspaper before flying to the United States that his goal was to lower tariff rates. REUTERS