Finance Minister Koo Yun-cheol will hold high-level trade talks with his U.S. counterpart in Washington later this week, the finance ministry said Monday, as the Aug. 1 deadline for tariff negotiations approaches.
Koo will depart Tuesday for the U.S. capital, where he will hold talks with U.S. Treasury Secretary Scott Bessent on Thursday (local time), just one day before the United States is expected to resume hefty tariff enforcement on South Korean goods.
The minister had originally been slated to attend a "2+2" meeting last week with Trade Minister Yeo Han-koo, along with Bessent and U.S. Trade Representative Jamieson Greer. However, the talks were postponed due to scheduling conflicts of Bessent.
As other major economies have reached agreements with Washington, Seoul has been racing to stay at the negotiating table to finalize a trade agreement with Washington before the Aug. 1 deadline to reduce the 25 percent reciprocal tariff and sector-specific duties imposed on South Korean goods under the Trump administration.
The reciprocal tariffs were initially implemented April 9 but were immediately suspended by President Trump for 90 days to allow for negotiations. The suspension has since been extended, but Washington indicated plans to resume enforcement Aug. 1 unless a deal is reached. (Yonhap)
