Industry Minister Kim Jung-kwan, third from left, poses with U.S. Commerce Secretary Howard Lutnick, second from left, at the U.S. Department of Commerce in Washington, May 8, after the two governments signed a memorandum of understanding to expand bilateral shipbuilding cooperation. Courtesy of Ministry of Trade, Industry and Resources
Industry Minister Kim Jung-kwan departed for Washington on Wednesday to address pending trade issues with the United States as the Trump administration prepares to introduce a new Section 301 tariff regime for Korea under the U.S. Trade Act.
During the four-day visit, the minister is also expected to flesh out Korea's $350 billion investment commitment to the U.S. agreed under last year's bilateral tariff agreement, while reaffirming the commitment to maritime cooperation under the Make American Shipbuilding Great Again (MASGA) initiative.
Kim will meet U.S. Commerce Secretary Howard Lutnick and Energy Secretary Chris Wright to discuss strategic investment, energy cooperation and other bilateral trade issues. The industry ministry said he will also conduct outreach to members of the U.S. Congress to explain Seoul's trade and investment stance.
The visit comes as Washington prepares to replace a temporary 10 percent global tariff imposed under Section 122, which expires on Friday. New measures under Section 301 target what the U.S. describes as unfair trade practices, including forced labor and industrial overcapacity.
