Cheong Wa Dae said Friday that discussions are actively underway through multiple channels on strategic investment projects with the United States, responding to media reports that Washington had threatened to raise tariffs if South Korea did not move faster on its pledged investments.
A Cheong Wa Dae official added that the government is "constantly communicating and coordinating internally on trade issues with the United States."
Asked about separate reports that the US Commerce Department had sent two emails to the South Korean government expressing frustration over delays in carrying out investment projects, the official said the presidential office could not confirm "specific details of discussions between the two countries, or internal government communications and responses."
The official also drew a line on the prospect of a US visit by Trade, Industry and Energy Minister Kim Jung-kwan, saying there are currently no set plans for such a trip.
South Korea and the United States have agreed to apply a 15 percent reciprocal tariff rate on the condition that Seoul commits $350 billion in investment in the US. The South Korean government established a bilateral strategic investment management committee in late June to oversee the initiative and is currently reviewing candidate projects that meet commercial viability standards.
moone@heraldcorp.com
