Finance minister says Korea not seeking hasty trade deal with US before June election

Finance Minister Choi Sang-mok speaks during a parliamentary committee meeting, Wednesday. Yonhap

Finance Minister Choi Sang-mok said Wednesday that Korea is not hurrying to conclude trade negotiations with the United States ahead of its upcoming presidential election, noting that recent remarks by U.S. Treasury Secretary Scott Bessent were not specifically directed at Seoul.

His comments came after Bessent on Tuesday (local time) suggested that certain U.S. trading partners, including Korea, may seek to finalize the "framework of a deal" before their elections.

Speaking at a parliamentary committee meeting on Wednesday, Choi said there was no reason for Seoul to reach any conclusion before its presidential election scheduled for June 3.

"I was surprised by yesterday's remarks, so I looked up the original transcript. It appeared to be a general comment made for a domestic audience during his 100-day press conference," Choi said.

He also emphasized that working-level discussions between the two countries scheduled for this week are not progressing at a fast pace and are conducted in line with a 90-day pause in reciprocal tariff measures announced by U.S. President Donald Trump.

U.S. Secretary of Treasury Scott Bessent speaks during the daily briefing in the Brady Briefing Room of the White House in Washington, D.C., U.S., Tuesday (local time). AFP-Yonhap

Last week, Korea and the U.S. held high-level talks, and agreed to seek a "July package" agreement on U.S. tariffs and bilateral economic and industrial cooperation before July 8, when Trump's 90-day pause on reciprocal tariffs ends.

Speculation had surfaced that a deal could be finalized before Korea holds its presidential election, a vote triggered by the recent impeachment and removal of former President Yoon Suk Yeol over his brief imposition of martial law in December.

Earlier in the day, the Ministry of Economy and Finance also denied reports suggesting that Seoul is attempting to finalize the deal before the June 3 election.

The ministry stressed that during recent talks, Seoul underscored the importance of aligning negotiations with the domestic political timeline and ensuring adequate communication with the National Assembly.

"Our position remains unchanged that we will proceed in accordance with due process without rushing the talks," the ministry emphasized.