Seoul: South Korea's Finance Minister Choi Sang-mok announced that recent discussions with the United States regarding its extensive tariff scheme have alleviated uncertainties and paved the way for structured consultations. This statement was made upon his return to Incheon International Airport from a visit to Washington. During the visit, Choi, along with Industry Minister Ahn Duk-geun, engaged in trade talks with U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer.
According to Yonhap News Agency, Choi stated, "We clarified the agenda items and laid the groundwork for future negotiations after reaching a consensus on the discussion schedule." He emphasized that the talks have minimized uncertainty and set the stage for orderly discussions moving forward.
The meeting resulted in an agreement between the two nations to strive for a "package" agreement addressing new U.S. tariffs and economic cooperation topics by July 8. This date marks the end of a 90-day suspension of the Trump administration's extensive tariffs.
Choi also mentioned that he communicated South Korea's political schedule and the necessity for collaboration with the National Assembly concerning the tariff discussions to the U.S. representatives.
South Korea is currently facing a leadership void following former President Yoon Suk Yeol's impeachment due to his declaration of martial law. A presidential election is planned for June 3.
Choi expressed optimism that Seoul and Washington will have "constructive discussions" on foreign exchange matters, citing the existence of direct and regular communication channels between their financial authorities.