South Korean Minister Kim Jung-kwan Visits Washington to Manage Trade Risks

South Korean Industry Minister Kim Jung-kwan arrived in Washington on July 22 for a four-day diplomatic visit aimed at stabilizing bilateral trade and managing investment projects. A central goal of the mission is to advance a $350 billion investment commitment to the United States, which includes $150 billion allocated to the Make American Shipbuilding Great Again (MASGA) initiative. Kim is scheduled to attend the opening ceremony of the South Korea-U.S. Shipbuilding Partnership Center on Thursday.

During the visit, Kim will meet with U.S. Commerce Secretary Howard Lutnick and Energy Secretary Chris Wright. Discussions will focus on energy cooperation and the U.S. Section 301 Trade Act investigation into forced labor and industrial overcapacity. While the U.S. has proposed tariffs up to 12.5 percent on certain products, Seoul is working to ensure any new duties remain within a 15 percent ceiling, as part of a broader effort to reduce existing tariffs from 25 percent.

Minister Kim also intends to resolve diplomatic tensions surrounding a $423 million record fine imposed by South Korea on the e-commerce company Coupang following a massive data breach. The dispute escalated after U.S. politicians accused South Korea of protectionism and discrimination against the Seattle-headquartered company. Kim stated that misunderstandings between the two nations would be resolved and that the issue would not shake the long-standing alliance.