South Korean Industry Minister Kim Jung-kwan visits US to discuss tariffs and $350 bn investment

South Korea’s Industry Minister Kim Jung-kwan travelled to Washington from July 22‑25 for high‑level talks with U.S. officials. He met Commerce Secretary Howard Lutnick, Energy Secretary Chris Wright and members of Congress to address pending Section 301 tariff investigations into forced‑labour practices and to outline how Seoul will respond if additional duties are imposed. The minister stressed that any new tariffs should stay within the 15 % ceiling set in the 2023 bilateral trade agreement, and highlighted that the temporary 10 % global tariff under Section 122 expires on May 24.

Kim also used the visit to advance South Korea’s pledged $350 billion investment programme in the United States. He said the first investment project – expected to be announced in late August or September – will focus on the energy sector, which the minister described as offering stable cash‑flows. The trip coincided with the opening of the Korea‑US Shipbuilding Partnership Center in Washington and the launch of the Korean‑U.S. shipbuilding cooperation centre (MASGA), where officials signed multiple MoUs and agreements to modernise U.S. shipyards and foster joint R&D.

Overall, the mission combined trade‑risk management, the rollout of a major investment commitment, and the deepening of bilateral shipbuilding collaboration.