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Presidential office to hold trade strategy meeting ahead of Trump's visit to Korea

Published: 09 Oct. 2025, 10:15 Updated: 09 Oct. 2025, 18:47

National Security Adviser Wi Sung-lac, center, speaks on the results of the Korea-U.S. summit in a joint press conference alongside Kim Yong-beom, presidential chief of staff for policy, right, and Kang Hoon-sik, presidential chief of staff, in Washington on Aug. 25. [YONHAP]

The presidential office will hold a high-level trade meeting on Thursday to review strategy ahead of U.S. President Donald Trump’s visit to Korea later this month.

Presidential Chief of Staff Kang Hoon-sik will chair the meeting. National Security Adviser Wi Sung-lac, Presidential Director of National Policy Kim Yong-beom and ministers from trade-related ministries are to attend the meeting.

The meeting comes 20 days ahead of Trump’s scheduled visit to Korea on Nov. 29. The presidential office previously convened a similar meeting on July 25 — just days before the Korea-U.S. tariff negotiations were finalized on July 31 — with Deputy Prime Minister Koo Yun-cheol and director of the Office for Government Policy Coordination Yoon Chang-yul, in attendance to finalize the negotiation strategy.

Thursday’s meeting is expected to include a report from Minister of Trade, Industry and Energy Kim Jung-kwan, who met with U.S. Commerce Secretary Howard Lutnick in New York on Saturday.

“There was a strong consensus regarding the sensitivity of Korea’s foreign exchange market,” said minister Kim, speaking to reporters at Incheon International Airport on Monday. He added that “the points under discussion as part of the [U.S. investment] package are narrowing in terms of differences.”

However, he noted that the core issues of the $350 billion investment fund for the United States — such as the ratio of direct investment and specific investment areas — “have not yet been discussed in detail.” Koo will also attend Thursday’s meeting.

Industry Minister Kim Jung-kwan, left, speaks to U.S. Commerce Secretary Howard Lutnick in Washington on Aug. 25. [YONHAP]

Kim is believed to have received some feedback from the Trump administration on the revised memorandum of understanding (MOU) for the U.S. investment fund that the Korean government submitted in September. In an interview with the JoongAng Ilbo on Oct. 1, director Kim said, “We sent the U.S. a detailed and constructive revision proposal,” but added, “We’re still waiting for a concrete response.”

“We responded to the U.S. proposal by saying we cannot accept it as is and submitted an alternative,” a senior official at the presidential office said in a phone call on Wednesday. “Discussions are now underway based on that.” Another senior government official added, “There are issues worth negotiating,” suggesting further progress may be possible.

The most closely watched issue is the U.S. response to Korea’s request to expand direct investment in the United States under the condition of establishing a Korea-U.S. currency swap. The Korean government is operating under four principles in its negotiations on the investment fund: commercial viability, affordability, alignment with national interest and mutual benefit. The currency swap is seen as a key component of “affordability.”

Minister Kim also confirmed upon his return that “there were discussions” about the Korea-U.S. currency swap. The extent of U.S. understanding of Korea’s foreign exchange market sensitivity and the new points of contention raised by Korea’s revised MOU proposal are expected to be critical to future negotiations.

Presidential Chief of Staff Kang Hoon-sik speaks during a press briefing at the presidential office in Yongsan, central Seoul on Aug. 28. Kang presented a ″Make America Great Again″ (MAGA) hat signed by U.S. President Donald Trump, a luncheon menu and a name card from the event during the press briefing. [JOINT PRESS CORPS]

Even during the Chuseok holidays, the presidential office was busy behind the scenes preparing for trade talks. A trade strategy meeting was held Sunday morning, co-chaired by the policy and security chiefs, with Koo, Foreign Minister Cho Hyun and Trade Minister Yeo Han-koo attending. Kim participated remotely from New York.

The presidential office hosted a working-level meeting on Tuesday, followed by additional working-level discussions on Wednesday.

The presidential office aims to narrow differences as much as possible ahead of the second Korea-U.S. summit scheduled for late October. “We are continuing negotiations steadily without saying whether the Korea-U.S. trade talks are improving or worsening,” said a presidential official.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY OH HYUN-SEOK [[email protected]]