Seoul, Jan 31 (IANS) South Korea’s Industry Minister Kim Jung-kwan said on Saturday that he thinks “unnecessary misunderstandings” were resolved through his talks with U.S. Commerce Secretary Howard Lutnick in Washington over renewed trade tensions this week.

Kim made the remark upon his return home at Incheon International Airport in Incheon, west of Seoul, after holding meetings at the Commerce Department on Thursday and Friday (US time), which ended without reaching a conclusion, reports Yonhap news agency.

“Our mutual understanding has deepened significantly,” Kim said. “I believe some unnecessary misunderstandings have been resolved.”

Kim’s trip came after U.S. President Donald Trump threatened Monday to raise “reciprocal” tariffs and auto duties on South Korea to 25 percent from 15 percent, citing delays in the Asian country’s legislative process supporting the implementation of a bilateral trade deal.

Last year, the two countries agreed on a trade deal under which South Korea would invest $350 billion in the United States in return for a cut in tariff rates.

The ruling Democratic Party submitted a bill to parliament in November to implement the bilateral trade and investment deal, which has yet to be passed.

“We have sufficiently explained that the South Korean government has no intention at all not to implement the tariff agreement (reached then) nor delay it,” Kim said.

The industry minister noted that the special bill is expected to be processed quickly and explained the background of the delay to the U.S. side.

Meanwhile, Jung-kwan his talks with US Commerce Secretary Howard Lutnick over renewed trade tensions ended without reaching a conclusion, but their understanding of each other’s positions has “deepened.”

They met at the Commerce Department in Washington for the second straight day, after U.S. President Donald Trump’s threatened on Monday to raise “reciprocal” tariffs and auto duties on Korea to 25 percent from 15 percent, citing a delay in the Asian country’s legislative process supporting the implementation of a bilateral trade deal.

“Our understanding of each other’s positions has deepened. There were discussions on how to find a middle ground,” Kim told reporters as he walked out of the Commerce Department.

“We need more talks. We have not yet reached a conclusion,” he added.

–IANS

na/