[Anchor]
Amid pressure from the U.S. to expedite the implementation of investments in the United States, Minister of Trade, Industry and Energy Kim Jung-gwan departed for the U.S. again today (August 16). With the possibility of additional tariffs being imposed, attention is focused on whether discussions regarding the "first U.S. investment project" will gain momentum.
Reporting by Park Jaehyeon.
[Reporter]
Minister of Trade, Industry and Energy Kim Jung-gwan has set off on a visit to the United States once again, just three weeks later.
It is known that his schedule was urgently coordinated with the U.S. side to discuss U.S. investments and tariff issues, and his return date has not yet been set.
Behind this sudden trip to the U.S. is the pressure from the United States, ahead of the midterm elections, to fulfill investment commitments.
The U.S. Department of Commerce has reportedly expressed dissatisfaction recently over delays in South Korea's announcements of investment projects in the U.S.
[Jamieson Greer / U.S. Trade Representative (July 22): We will mobilize all available tools, including Section 301, to take strong action to ensure that agreements are fully implemented.]
During the South Korea-U.S. summit last year, the South Korean government decided to pursue 350 billion dollars in investments in the U.S., including 150 billion dollars in shipbuilding cooperation and 200 billion dollars in strategic investments.
While the government is strongly considering a 20 billion dollar gas-fired combined cycle power plant project as the first initiative, it has not yet made an official announcement as securing commercial viability has not been easy.
[Kim Jung-gwan / Minister of Trade, Industry and Energy (July 22): We think that the projects favorable to (South Korea) are energy-related projects, so we are currently discussing matters centered around such projects.]
Tariff issues are also a variable.
Concerns are rising that if the U.S. Trade Representative imposes additional tariffs in its ongoing Section 301 investigation into overproduction by other countries, the tariff rate, currently at 12.5%, could exceed the 15% agreed upon by South Korea and the U.S.
[Jang Sang-sik / Head of International Trade Research Institute, Korea International Trade Association: Since the (tariff rate related to) forced labor has already come out at 12.5%, South Korea is also in a position where it cannot delay investments in the U.S. indefinitely. Given Trump's approval ratings and the upcoming midterm elections, the pressure from the U.S. seems quite significant.]
Amid intense pressure from the U.S. regarding investments, concrete discussions on investment and tariff issues are expected during this visit to the U.S.
(Video Editing: Kim Jong-mi)
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