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Korea, US to resume high-level tariff talks in Washington on Friday
Deputy Prime Minister and Finance Minister Koo Yun-cheol, left, and Trade Minister Yeo Han-koo, second from right, enter Government Complex Seoul, Tuesday, to attend a meeting of ministers responsible for international trade affairs. From left are Koo, Foreign Minister Cho Hyun, Agriculture Minister Song Mi-ryung, Yeo, and Industry Minister Kim Jung-kwan. Newsis
By Park Jae-hyuk
Industry minister to be absent from 'two-plus-two' meeting
The finance and trade ministers of Korea and the United States will meet in Washington on Friday to resume high-level tariff discussions, with only 10 days left before the Aug. 1 deadline when the Donald Trump administration’s “reciprocal” tariffs are expected to take effect.
Speaking to reporters on Tuesday after meeting with ministers responsible for international trade affairs, Deputy Prime Minister and Finance Minister Koo Yun-cheol said Trade Minister Yeo Han-koo will join him on the trip to Washington to meet their U.S. counterparts — U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer.
“With the Aug. 1 deadline fast approaching, relevant ministries have formed a unified team to respond with a well-coordinated and practical strategy for the national interest,” Koo said.
The so-called “two-plus-two” tariff talks have not been held since April, when negotiators from the previous Korean administration agreed to pursue a “July package.” That agreement lapsed after the U.S. extended the July 8 deadline in a letter stating Korea would be subject to a 25 percent reciprocal tariff after Aug. 1.
At that time, the Korean participants were then-Finance Minister Choi Sang-mok and then-Industry Minister Ahn Duk-geun, rather than then-Trade Minister Cheong In-kyo. Although the trade minister is introduced as a minister-level official for international negotiations, the position is considered vice ministerial within the Ministry of Trade, Industry and Energy.
Then-Deputy Prime Minister and Finance Minister Choi Sang-mok, second from left, shakes hands with U.S. Treasury Secretary Scott Bessent, second from right, during high-level tariff talks between the two countries in Washington, April 24. From left are then-Industry Minister Ahn Duk-geun, Choi, Bessent and U.S. Trade Representative Jamieson Greer. Courtesy of Ministry of Economy and Finance
Koo said the decision to send Yeo was made at the request of their U.S. counterparts.
Before his latest visit to the U.S. on Tuesday, Yeo had visited Washington twice since taking office last month. The trade minister also served in the same role under the Moon Jae-in administration between 2021 and 2022.
“Since we are in a very grave period and all possibilities, including the best- and worst-case scenarios, remain open, we will strive to maximize our national interest by reflecting our sensitive concerns as much as possible,” Yeo said before his departure.
In contrast to Yeo, Industry Minister Kim Jung-kwan has little experience in trade negotiations, having previously worked at the Ministry of Economy and Finance.
“The foreign minister and the industry minister will also travel to the U.S. as early as this week to meet with their respective counterparts in an effort to persuade Washington,” Koo said, declining to elaborate on Seoul’s negotiation strategy.
Kim told reporters Monday that each minister can play different roles, as there is concern that having too many negotiation channels could hinder the talks.
“My forthcoming visit to the U.S. is intended to enhance Korea’s bargaining power,” he said.
According to the trade ministry, Kim will depart for the U.S. on Wednesday.
On Sunday, National Security Adviser Wi Sung-lac and lawmakers from the Korea-U.S. Parliamentarians’ Union arrived in Washington. A special presidential envoy delegation led by former Korea Chamber of Commerce and Industry Chairman Park Yong-maan also plans to depart for the U.S. as early as Wednesday.
Despite these efforts, Washington has maintained ambiguity on whether the Aug. 1 deadline could be extended.
“We'll see what the president wants to do,” Bessent said on CNBC on Monday, when asked whether next month’s deadline could be pushed back for countries engaged in productive discussions.
Since he added that the important thing is the quality of the deal, not the timing, the tariff threats have been interpreted more as a negotiation tactic by Trump rather than an intention to rush deals by the deadline.
Bessent’s comments partially contrasted with what U.S. Commerce Secretary Howard Lutnick said a day earlier. Lutnick stated Sunday that countries will begin paying the tariffs on Aug. 1, although nothing will prevent them from negotiating with the U.S. after that date.