Seoul: High-level trade talks between South Korea and the United States scheduled for later this week have been postponed due to U.S. Treasury Secretary Scott Bessent's urgent schedule, Seoul's finance ministry said Thursday. The planned "2+2" dialogue was set for Friday in Washington and aimed to bring together Finance Minister Koo Yun-cheol and Trade Minister Yeo Han-koo, alongside Bessent and U.S. Trade Representative Jamieson Greer, ahead of the August 1 negotiation deadline.
According to Yonhap News Agency, the U.S. has proposed to hold the talks soon, with both nations planning to set a new date at the earliest possible opportunity, as stated by ministry spokesperson Kang Young-kyu. Koo, who was scheduled to depart for Washington later Thursday, has canceled his trip.
Yeo and Industry Minister Kim Jung-kwan, who had already arrived in Washington, are continuing consultations with their U.S. counterparts as originally planned. The talks hold significant importance as Washington is prepared to impose a 25 percent "reciprocal" tariff on South Korean products starting August 1, in addition to existing sector-specific duties, including those on automobiles and steel.
The reciprocal tariffs initially took effect on April 9 but were immediately suspended by U.S. President Donald Trump for 90 days to allow negotiations. The suspension was later extended, with the U.S. now planning to move forward with implementation on August 1.