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Kim Yong-beom (right), senior presidential secretary for policy, and Yeo Han-koo, head of the Office of Trade Negotiations, speak to reporters upon arrival at Incheon International Airport on Oct. 19 after returning from Washington, D.C., where they held follow-up talks on South Korea–U.S. tariff negotiations. / Source: Yonhap News

Kim Yong-beom, senior presidential secretary for policy, said Sunday that prospects for concluding the ongoing South Korea–U.S. tariff negotiations have improved, suggesting an agreement could be reached during the upcoming Asia-Pacific Economic Cooperation (APEC) summit.

Speaking to reporters upon returning from Washington, D.C., Kim said, “After this visit, it is fair to say the likelihood of reaching a deal during APEC has become higher.”

Kim emphasized that both sides had made “considerable progress” on discussions over the structure and execution of a $350 billion investment fund, saying, “The U.S. fully recognizes the potential shock to Korea’s foreign exchange market and understands that the program must be mutually beneficial and within Korea’s capacity to bear. There’s now substantial convergence of views.”

Kim visited Washington on Oct. 16 for follow-up talks on the tariff negotiations. “We made tangible progress on most of the outstanding issues,” he said at Incheon International Airport after arriving Sunday afternoon. “The talks were conducted in a very sincere and constructive atmosphere, with intensive discussions continuing even during dinner after the two-hour official meeting.”

During his trip, Kim met U.S. Commerce Secretary Howard Lutnick for final coordination on the $350 billion fund and also held talks with Office of Management and Budget (OMB) Director Russell Vought.

“There are still a few issues left to be fine-tuned,” Kim noted. “We will continue to work closely with our ministries to finalize negotiations smoothly and achieve results that serve the national interest.”

When asked whether the $350 billion would be invested in installments over 10 years, Kim declined to comment, saying the matter was “still under negotiation.” He added that the figure had already been agreed upon on July 31 and reiterated that “the framework must remain within Korea’s manageable range and be mutually beneficial.”

On the possibility of a currency swap, Kim said, “The U.S. side understands the potential impact that such a large-scale investment could have on Korea’s foreign exchange market.”

Finance Minister and Deputy Prime Minister Koo Yoon-cheol, who had attended the G20 finance ministers’ meeting in Washington, returned on the same flight. Koo met with U.S. Treasury Secretary Scott Bessent during his stay.