South Korea’s Industry Minister Kim Jung-kwan returned to Seoul on Sunday after two days of tariff talks in New York with U.S. Commerce Secretary Howard Lutnick, but neither side reported progress on finalizing their July tariff agreement. Kim told reporters only that “bilateral consultations are ongoing,” while Lutnick has publicly insisted there is “no flexibility,” warning that Seoul must accept the deal or face the full 25% “reciprocal” tariffs.

The July tariff agreementlowered Washington’s threatened tariffs on South Korean goods to 15% in exchange for a pledged $350 billion Korean investment in U.S. projects, but the two governments remain