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Presidential Policy Chief Kim Yong-beom (left) and Trade Minister Kim Jung-kwan speak to reporters at Incheon International Airport after returning from Washington, D.C., where they held follow-up talks on the U.S.-Korea tariff negotiations, on October 24. / Source: Yonhap News

Presidential Policy Chief Kim Yong-beom said on October 24 that while there has been “some progress” in the ongoing tariff negotiations between South Korea and the United States, the two sides remain “sharply divided on core issues.”

Kim and Trade Minister Kim Jung-kwan made the remarks upon arriving at Incheon International Airport early Friday after a two-day trip to Washington, D.C. for follow-up discussions on tariff disputes. The delegation reportedly worked through the night and returned without an overnight stay.

“There are still several unresolved points, and we’re at a very critical moment,” Minister Kim said.

Asked whether a deal could be reached during the upcoming Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, Policy Chief Kim replied, “There’s no time left for another round of face-to-face negotiations before APEC. The summit is right ahead, the day is ending, and the road is long — expecting a deal by then would be difficult.”

Still, he added, “Negotiations sometimes make rapid progress in the final stretch. We’ll keep trying until the end.”

Kim noted that “many areas of disagreement have narrowed,” but that “the two sides remain locked over one or two decisive issues — which is typical of final-stage negotiations.”

Minister Kim added, “Some parts are still in progress. We’ll do our best until the very last minute.”

The two officials’ trip was effectively Seoul’s final push before U.S. President Donald Trump’s scheduled visit to Korea on October 29 for the APEC summit.

The “core sticking point,” according to officials, is believed to be the payment method for a $350 billion investment fund that Washington wants as an advance commitment. The U.S. has demanded most of the sum in cash, upfront, while Seoul insists on installment payments and a mix of loans and guarantees to avoid destabilizing the foreign exchange market.

Their remarks echoed President Lee Jae-myung’s recent comments in a CNN interview, where he acknowledged that “considerable time and effort will be needed for adjustments and corrections,” hinting that the negotiations may stretch beyond APEC.

President Lee and President Trump are set to hold a summit in Gyeongju on October 29. Despite Seoul’s hopes to finalize a deal by then, observers say a complete agreement remains unlikely given the persistent gap in positions.