Incheon: South Korea's Finance Minister Koo Yun-cheol on Tuesday committed to striving for a "mutually beneficial" trade agreement with the United States as the deadline for negotiations approaches this week. Koo expressed his determination to prioritize national interests while aiming for a favorable outcome for both nations, during a briefing at Incheon International Airport before his departure for Washington.
According to Yonhap News Agency, Koo is scheduled to meet with U.S. Treasury Secretary Scott Bessent on Thursday, just one day before the U.S. plans to impose "reciprocal" tariffs on crucial South Korean exports. Koo highlighted ongoing efforts by Seoul to secure a deal, which are said to include a significant investment proposal in the U.S. shipbuilding sector. The proposed initiative, "Make American Shipbuilding Great Again" (MASGA), aims to enhance cooperation as the U.S. seeks to boost its domestic shipbuilding industry against rising competition from China.
Koo plans to offer a thorough account of the current status of South Korean industries, particularly shipbuilding, while exploring potential long-term partnerships in other areas. South Korean officials are intensifying diplomatic efforts as the U.S. considers implementing reciprocal tariffs, which include 25 percent duties on South Korean goods, unless an agreement is reached.
Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo engaged in discussions with U.S. Commerce Secretary Howard Lutnick in Washington on Thursday and continued talks in New York the following day. They then traveled to Scotland for further discussions with the U.S. official, who was accompanying President Trump on a European trip for separate trade negotiations with the European Union and China.
Additionally, Foreign Minister Cho Hyun is anticipated to visit Washington soon for talks with U.S. Secretary of State Marco Rubio.