Washington: Industry Minister Kim Jung-kwan announced on Thursday that his discussions with U.S. Commerce Secretary Howard Lutnick concluded without reaching an agreement on the first day of talks addressing renewed tariff tensions between the two nations. Despite the lack of a resolution, both parties agreed to reconvene the following day.

According to Yonhap News Agency, the meeting in Washington took place just three days after former President Trump threatened to increase reciprocal tariffs and duties on South Korean autos, lumber, and pharmaceuticals from 15 percent to 25 percent. The threat was made in response to perceived delays in Seoul's legislative processes that are necessary for the implementation of a bilateral trade deal.

"We had extensive talks and agreed to meet again tomorrow morning," Kim told reporters after the meeting. However, he noted, "We have not yet reached a conclusion."

When asked about the success of preventing the tariff hikes, Kim responded, "(We were) not at the point of saying whether it was prevented or not prevented." He indicated that during the meetings, he intended to emphasize Seoul's commitment to its investment pledge under the bilateral trade deal agreed upon in late July and finalized in the subsequent months.

The trade agreement entails South Korea's commitment to investing US$350 billion in the United States, alongside other commitments, in exchange for the U.S. reducing reciprocal tariffs on South Korean goods.

During his time in Washington, Kim also plans to engage with other senior officials in the Trump administration, including Energy Secretary Chris Wright.