US and South Korea need more discussion on trade deal, Seoul says

SEOUL, Jan 31 (Reuters) - South Korea needs more discussion with the U.S. on a trade deal they reached last year, the industry minister said after two days of talks through Friday with his counterpart, following U.S. President Donald Trump's announcement to raise tariffs.

"It was an opportunity to improve each other's understanding on a U.S. intent to raise tariffs and seek a compromise, but we still need more discussion with the U.S. side," Minister Kim Jung-kwan was quoted as saying in a statement released by the ministry on Saturday.

Kim said that the government would communicate with parliament for a bill on U.S. investment to be enacted swiftly during his meetings with the U.S. Commerce Secretary in Washington, as he emphasised Seoul's stance that the trade deal would be implemented smoothly, according to the statement.

Kim and Lutnick also agreed that invest projects should be mutually beneficial, the ministry said.

Trump said on Tuesday that the U.S. and South Korea would work out a solution, after he threatened a day earlier to hike tariffs on imports from the Asian ally, complaining that Seoul had not lived up to its part in the trade deal, which caught South Korean officials by surprise.