High-Stakes Talks: South Korea and U.S. Gear Up for Crucial Trade Negotiations

Finance Minister Koo Yun-cheol speaks to reporters at the government complex in Seoul on Tuesday. (Yonhap)

On Tuesday, Finance Minister Koo Yun-cheol announced that he will lead high-level 2+2 trade talks with the United States later this week. The negotiations come just days before the August 1 deadline for bilateral discussions regarding the sweeping tariff measures imposed by the U.S.

Koo disclosed that he and Trade Minister Yeo Han-koo will travel to Washington for discussions scheduled on Friday. The talks will include U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer.

Following a meeting on key economic issues, Koo told reporters that the foreign minister and the industry minister will also head to the United States as early as this week. Their mission is to meet with their respective counterparts in an effort to persuade Washington.

The United States is set to implement 25 percent reciprocal tariffs on South Korean products starting August 1. These new tariffs will be added to existing sectoral duties, which already include 25 percent tariffs on auto and steel imports. (Yonhap)