SEOUL: South Korea’s presidential office confirmed on Tuesday that tariff negotiations with the United States have remained stalled for some time.
President Lee Jae Myung remains determined to avoid forcing Korean companies to accept losses by hastily signing a trade agreement.
Both nations continue struggling to overcome significant obstacles preventing finalisation of their July trade deal.
Specific details of the broad agreement still require resolution, particularly concerning a $350 billion investment fund.
A presidential official stated that South Korea cannot accommodate every American demand during these negotiations.
“Although President Lee aims to reach a deal as soon as possible, he is determined not to give up his role concerning the national interest in order to meet a deadline,“ the official told reporters.
South Korea’s top trade envoy Yeo Han-koo is presently in the United States conducting follow-up tariff negotiations.
Yeo confirmed that Seoul and Washington continue engaging intensively to finalise a trade agreement.
Yonhap News Agency reported Yeo’s comment that the “devil is in the details” regarding these complex negotiations. – Reuters