South Korea is taking a close look at US-Japan trade deal: minister
South Korea is a major competitor of Japan in areas such as autos and steel, so news of Japan's trade deal will pile pressure on Seoul to come up with its own agreement ahead of an August 1 deadline to avoid the full force of 25% reciprocal US tariffs
South Korea's Industry Minister Kim Jung-kwan said on Wednesday that Seoul is taking a close look at the US-Japan trade deal, in comments to reporters before boarding a plane to Washington for talks with US counterparts.
South Korea is a major competitor of Japan in areas such as autos and steel, so news of Japan's trade deal will pile pressure on Seoul to come up with its own agreement ahead of an August 1 deadline to avoid the full force of 25% reciprocal US tariffs.
Kim said he will have meetings with the US Secretary of Commerce Howard Lutnick and Secretary of Energy Chris Wright during his visit, among others.
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In a post on Truth Social, US President Donald Trump said the trade deal Japan struck with the US would include $550 billion of Japanese investments in the United States.
He also said that Japan would increase market access to American producers of cars, trucks, rice and certain agricultural products, among other items.
South Korean newspaper Chosun Ilbo reported last week that during trade talks earlier this month the US had asked Seoul to create a large-scale investment fund to support the reconstruction of the US manufacturing industry, without naming a clear source.
