Seoul: South Korea and the US tariff talks ended without reaching an agreement amid renewed tariff tensions, South Korean media reported Saturday.

According to Anadolu Agency, Industry Minister Kim Jung-kwan and US Commerce Secretary Howard Lutnick met for a second straight day Friday. "Our understanding of each other's positions has deepened. There were discussions on how to find a middle ground," Kim told reporters after the meeting. "We need more talks. We have not yet reached a conclusion."

Kim did not share details about when the US new tariffs will take effect and said "negotiations are ongoing." This follows US President Donald Trump's announcement of higher tariffs on South Korean goods earlier this week, accusing Seoul's legislature of failing to approve a previously agreed trade deal. The tariffs are set to increase from 15% to 25% on products such as autos, lumber, and pharmaceuticals.

Trump's comments seemed to reference a pending investment bill that the ruling Democratic Party of South Korea is planning to review and vote on next month, aiming to garner bipartisan support from the opposition.

In November, Seoul and Washington signed a memorandum of understanding, formalizing South Korea's $350 billion investment pledge in exchange for lower US tariffs. Under the agreement, South Korea is to invest $200 billion in cash installments, capped at $20 billion annually, along with $150 billion for bilateral shipbuilding cooperation. In return, Washington reduced reciprocal tariffs on South Korean imports to 15%, as agreed in July.