Washington: U.S. Treasury Secretary Scott Bessent called Wednesday for allies to strengthen their commitments to "shared defense," emphasizing that economic partnerships should reflect security relations, as he is set to attend high-profile trade talks with South Korea later this week. Bessent made the remarks during a forum hosted by the Institute of International Finance, a day before he and U.S. Trade Representative Jamieson Greer are set to join South Korea's Finance Minister Choi Sang-mok and Industry Minister Ahn Duk-geun for "two-plus-two" consultations over tariffs and other issues.
According to Yonhap News Agency, Bessent stated, "I believe global economic relationships should come to reflect security partnerships. Security partners are more likely to have compatible economies structured for mutually beneficial trade." He further noted that the United States continues offering security guarantees and open markets, and thus, allies must step up with stronger commitments to shared defense.
Bessent's comments highlighted the need for Europe to make greater security contributions. His speech was closely watched by South Korea and other allies amid ongoing speculation that U.S. President Donald Trump might pursue a comprehensive deal that includes defense cost-sharing matters in addition to trade issues. Trump's negotiation approach, described as "one-stop shopping," suggests his administration may seek a broad-based deal extending beyond trade concerns.
During Thursday's trade talks between Seoul and Washington, discussions are expected to cover new U.S. duties, including 25 percent "reciprocal" tariffs on South Korea. The Trump administration had initiated these reciprocal tariffs on April 9 but paused them for 90 days, allowing time for countries to negotiate the new U.S. import taxes and address what Trump described as "non-tariff cheating" by trading partners.