출처 : SONOW
Korean Trade Minister Kim Jung-kwan revealed that Korea-US $350 billion tariff negotiations are experiencing significant difficulties due to intense American pressure. Speaking at a press briefing on September 16, Kim characterized the current negotiation situation as challenging, stating that the Trump administration is far from rational.
Heated New York Meeting Yields No Breakthrough Agreement
Minister Kim met with US Commerce Secretary Howard Lutnick in New York on September 12, but described the encounter as involving table pounding and raised voices
in fierce exchanges without finding clear common ground. Secretary Lutnick had maintained a hardline stance in a September 11 CNBC interview, stating Korea must accept the agreement or pay tariffs.
The US side is demanding conditions similar to Japan's agreement for Korea's promised $350 billion investment fund. America wants to select investment destinations while requiring Korea to provide capital whenever requested, particularly pressuring for increased direct cash investment ratios.
Japan's Preferential Treatment Creates Additional Negotiation Pressure
Korea's negotiation burden has increased as Japan completed its agreement with the US first. Japan signed a $550 billion US investment memorandum on September 4, with automotive tariffs reduced from 27.5% to 15% starting September 16. Meanwhile, Korean automobiles still face 25% tariffs, creating disadvantageous price competitiveness.
This differential treatment puts Korean negotiators at a disadvantage while demonstrating the potential benefits of reaching agreement with the Trump administration. The tariff disparity affects Korean automotive exporters' market position in the crucial US market.
Presidential Office Takes Firm Stance Against US Pressure
The Lee Jae-myung Presidential Office has clearly stated its position of not yielding to American pressure. A senior presidential office official emphasized on September 16 that the president cannot sign agreements that would cause major losses to companies
and companies cannot go to America just to pour money.
This firm stance reflects concerns about protecting Korean corporate interests while maintaining negotiating leverage against increasingly aggressive US demands for favorable investment terms and conditions.
Foreign Exchange Crisis Concerns and Currency Swap Requests
The government is concerned that accepting US demands as-is could trigger a second foreign exchange crisis, given that $350 billion represents 84% of Korea's foreign exchange reserves. In response, the government has requested unlimited currency swap arrangements with the US.
However, the US is reportedly negative about unlimited swaps with Korea as a non-reserve currency country. This financial constraint adds another layer of complexity to the negotiations, limiting Korea's ability to meet US investment demands without risking economic stability.
Georgia Detention Incident Complicates Investment Climate
The recent detention of over 300 Korean workers at the Hyundai-LG Energy Solution joint venture plant in Georgia has added negative variables to the negotiations. While Minister Kim reported that Secretary Lutnick promised to resolve visa issues, the incident has dampened corporate sentiment toward US investment.
Chief Trade Negotiator Yeo Han-gu traveled to the US immediately after Minister Kim's return to conduct follow-up consultations with Trade Representative Jamison Greer and other officials. However, fundamental position differences between the two countries remain unresolved, increasing the likelihood of prolonged negotiation deadlock.
The ongoing stalemate reflects broader challenges in Korea-US economic relations under the Trump administration's aggressive trade policies, with both sides maintaining firm positions on investment terms and tariff relief conditions.