South Korea's Finance Minister Koo Yun-cheol on Tuesday pledged to make every effort to reach what he called a "mutually beneficial" trade agreement with the United States ahead of this week's negotiation deadline.
"We will do our utmost to draw up a proposal that centers on national interest and enables a mutually beneficial agreement between South Korea and the US," Koo told reporters at Incheon International Airport before departing for Washington.
Koo is scheduled to hold talks with US Treasury Secretary Scott Bessent on Thursday (US time), just one day before US President Donald Trump's administration is set to start imposing "reciprocal" tariffs on key South Korean exports.
The newly appointed finance chief emphasized Seoul's ongoing efforts to reach a deal, reportedly including a major investment proposal in the US shipbuilding sector.
The initiative, tentatively titled "Make American Shipbuilding Great Again", seeks to bolster cooperation as the US looks to revitalize its domestic shipbuilding industry in the face of growing competition from China.
Koo said he will present a detailed explanation of the current state of South Korean industries, including shipbuilding, while also exploring mid- to long-term avenues for cooperation in other sectors.
The minister had originally been slated to attend a "2+2" meeting last week with Trade Minister Yeo Han-koo, along with Bessent and US Trade Representative Jamieson Greer. The talks were called off due to a scheduling conflict of Bessent.
"Treasury Secretary Bessent holds a key role in overseeing trade negotiations within the Trump administration," Koo noted, adding that he would collaborate closely with other South Korean trade officials to formulate a comprehensive response.
Seoul officials have been accelerating their diplomatic outreach as the US administration's reciprocal tariffs, including 25 percent duties on South Korean goods, are set to take effect unless a deal is reached.
In a positive sign, Trump said Monday his administration expects to set tariffs somewhere in the range of 15 percent to 20 percent for most countries that have yet to reach a trade deal with it.
Industry Minister Kim Jung-kwan and Yeo had talks with US Commerce Secretary Howard Lutnick in Washington on Thursday and in New York the following day before flying to Scotland to continue their discussions with the US official, who had accompanied President Trump on a European trip for separate trade negotiations with the European Union and China.
Foreign Minister Cho Hyun is also expected to visit Washington soon for discussions with US Secretary of State Marco Rubio. (Yonhap)
