US Investment Becomes a Variable... Ministerial-Level 'Last-Minute Coordination' in the US

[Anchor]

South Korea is also facing mounting pressure over investments in the United States. Some interpret that complaints from Trump regarding delays in South Korean investments were reflected in the scaling back of South Korea-U.S. joint military exercises. Difficult trade issues have become more complicated by intertwining with security. The Minister of Trade, Industry and Energy has headed to the U.S. for last-minute coordination.

Reporter Kwon Ran has the details.

[Reporter]

Kim Jung-gwan, Minister of Trade, Industry and Energy, who abruptly left for the U.S. on the 16th, met with U.S. Commerce Secretary Howard Lutnick for two consecutive days on the 17th and 18th.

Meeting just three weeks after the opening ceremony of the Korea-U.S. Shipbuilding Cooperation Center, the two ministers reportedly focused their discussions on key issues, implementation plans, and announcement timelines for prospective U.S. investment projects.

[Kim Jung-gwan / Minister of Trade, Industry and Energy (local time, 16th): As I mentioned before, we are thinking of announcing the project around late August or early September. Various issues have emerged, and we are trying to resolve them by any means possible to meet that target...]

A gas-fired combined cycle power plant in Texas is reportedly being discussed as a leading candidate for the first U.S. investment project, while data centers and carbon capture and storage facilities are also known to be under review.

Although the government officially denied speculations that the U.S. recently requested investments in memory semiconductors as well, various investment demands are reportedly being channeled through multiple routes.

However, progress has stalled for over a year since the investment agreement due to differing stances—with the South Korean government prioritizing profitability after investment, while the U.S. emphasizes speed.

This contrasts with Japan, which announced its first project last February, seven months after reaching an investment agreement with the U.S., as pressure mounts not only regarding tariffs but also on security fronts.

While the possibility of additional tariffs on overcapacity remains depending on the findings of the investigation under Section 301 of the U.S. Trade Act, some analyses suggest that President Trump's recent directive to scale down South Korea-U.S. joint military exercises was partly driven by frustration over the pace of South Korea's implementation of investments in the U.S.

Minister Kim Jung-gwan also met with U.S. Trade Representative Jamieson Greer to fend off additional tariffs. He has not yet finalized his return schedule and plans to continue discussions through additional meetings with U.S. government officials.

(Video edited by: Kim Jin-won, Design: Hwang Se-yeon)
※ Please note: This article was translated by AI and may contain errors.