Washington: Finance Minister Choi Sang-mok announced that his forthcoming trade discussions with the Trump administration are intended to rekindle talks on strengthening the alliance between South Korea and the United States. Choi, also serving as the deputy prime minister for economic affairs, made these remarks prior to his departure for the U.S. to engage in negotiations addressing issues such as the new U.S. tariff schemes, which include a 25 percent country-specific import duty on South Korea.
According to Yonhap News Agency, Choi expressed his commitment to initiating dialogue aimed at reinforcing the bilateral alliance as he prepared to attend crucial economic meetings in Washington, D.C. These discussions will focus on U.S. tariffs and represent the first high-level trade talks between the two nations since President Trump assumed office in January. Choi will be joined by Industry Minister Ahn Duk-geun for what the South Korean government has termed "2+2 trade consultations."
The upcoming high-level talks, scheduled for Thursday, will feature participation from U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer. Earlier, the ministry indicated that the agenda for these consultations is still under coordination with the U.S. and has yet to be finalized.
South Korea is among the first nations to engage in trade discussions with Washington following the Trump administration's introduction of reciprocal tariffs on major trading partners. The South Korean economy, heavily reliant on exports, was initially subjected to a 25 percent tariff, temporarily reduced to 10 percent for a 90-day period.
Industry Minister Ahn, who is set to travel to Washington on Wednesday, emphasized the government's goal of achieving a favorable outcome in the tariff negotiations with the U.S. "We will closely negotiate with the U.S. administration to minimize the impact (of U.S. tariffs) on Korean companies," he stated in a press release.
Following the "2+2" trade consultations, Ahn plans to convene a separate one-on-one meeting with USTR Jamieson Greer. Accompanying the finance and industry ministers will be officials from various other government ministries, including foreign affairs, science, and agriculture, as part of the South Korean delegation.
In addition to the U.S. tariff measures, which impose 25 percent duties on all steel, aluminum, and automobile imports, the delegation is expected to discuss additional concerns raised by Washington regarding non-tariff barriers. The USTR's recent National Trade Estimate Report on Foreign Trade Barriers identified 21 non-tariff measures by South Korea, including restrictions on U.S. beef products, network usage fees, regulation proposals for online platforms, and restrictions on location-based data.