South Korean Industry Minister Kim Jung-kwan (pictured right) ended a two-day round of trade talks with United States Commerce Secretary Howard Lutnick (pictured left) in New York without reaching a deal, Yonhap News Agency reported, citing sources.
The discussions focused on tariffs, non-tariff measures and industrial cooperation, including a $100 billion investment by Korean firms in the US. The minister reportedly offered a revised proposal, but Lutnick did not accept it.
The news comes as South Korea races to reach a trade deal with the US before a 25% tariff on its goods comes into effect on August 1. Furthermore, Japan recently finalized a deal with Washington, raising competitive stakes for Seoul.
