South Korea, US to Hold Key Trade Talks Before Tariff Deadline
Seoul, July 22 – South Korea’s Finance Minister Koo Yun-cheol said on Tuesday that he and Trade Minister Yeo Han-koo will travel to Washington later this week for high-level trade talks with the United States.
The talks are set for Friday, just days before the August 1 deadline, when the US plans to start 25% tariffs on South Korean products. These tariffs would be in addition to existing ones on items like cars and steel.
The meeting will involve US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer. It’s part of what is called the “2+2” format – two officials from each country.
Koo said South Korean ministries have formed a joint team to prepare a strong and clear response. However, he did not share details about the country’s negotiation strategy.
This will be Koo’s first trip to Washington since becoming finance minister on Monday, and it is also the first visit by a top South Korean economic official since President Lee Jae Myung took office on June 4.
The last “2+2” talks were in April, led by officials from the previous administration under former President Yoon Suk Yeol.
South Korea hopes to avoid the new US tariffs. The tariffs were first set to begin on April 9, but former President Donald Trump paused them for 90 days to allow talks. He later extended the pause, but now the US says the August 1 start date is final.
US Commerce Secretary Howard Lutnick recently said in a CBS interview that the deadline is a “hard deadline,” but added that the US is still open to talks after August 1.
Yeo said he will work hard to reach the “best possible” deal that benefits both countries. He also mentioned South Korea is pushing for a manufacturing partnership in areas like semiconductors and shipbuilding to help reduce its trade surplus with the US.
This will be Yeo’s third visit to Washington since taking office last month. Other top South Korean officials, including the foreign minister and industry minister, will also visit the US this week for related talks.
