Seoul: South Korea's Finance Minister Koo Yun-cheol announced that he will engage in "2+2" high-level trade discussions with the United States later this week in Washington. This meeting comes as both nations face an August 1 deadline concerning the U.S.'s significant tariff measures.
According to Yonhap News Agency, Koo will be joined by Trade Minister Yeo Han-koo for the talks scheduled for Friday, which will include U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer. The talks aim to address the impending 25 percent reciprocal tariffs on South Korean products, set to begin on August 1. These tariffs add to existing sectoral duties, including those on auto and steel imports.
Koo emphasized the formation of a unified team by relevant ministries to develop a coordinated strategy for South Korea's national interest. However, he did not elaborate on specific negotiation strategies. The foreign and industry ministers are also expected to visit the United States soon to engage with their counterparts.
The reciprocal tariffs were initially introduced on April 9 but were paused by former President Trump to allow time for negotiations. Despite the possibility of further extensions being uncertain, U.S. Commerce Secretary Howard Lutnick reiterated in a CBS interview that August 1 is a "hard deadline." Lutnick stated that new tariffs would commence as planned, though discussions could continue post-deadline.
This visit marks Koo's first trip to Washington since assuming his role as finance minister under President Lee Jae Myung's administration. It is also the first "2+2" trade meeting under the new administration, following the previous round in April led by former officials appointed by the Yoon Suk Yeol administration.