South Korea finance minister, trade envoy to hold tariff talks with US counterparts
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South Korea finance minister, trade envoy to hold tariff talks with US counterparts
South Korea’s new finance minister and the country’s top trade envoy will meet in Washington on Friday. The country’s foreign and industry ministers will also visit the U.S. for trade discussions as early as this week. South Korea wants to remove or cut tariffs threatening some of its key industries. President Donald Trump has vowed to slap tariffs on a range of countries including South Korea to reduce what he called unfair trade imbalances. But Seoul faces an August 1 deadline before reciprocal tariffs set by Trump are due to come in. The four officials complete a new cabinet team under President Lee Jae Myung.
Summary South Korea faces August 1 deadline before U.S. tariffs due to come in
Seoul wants to remove or cut tariffs threatening some of its key industries
South Korea seeks manufacturing partnership to influence outcome of talks
SEOUL, July 22 (Reuters) – South Korea’s new finance minister and the country’s top trade envoy will meet in Washington with U.S. counterparts on Friday for talks on U.S. tariffs, Finance Minister Koo Yun-cheol said on Tuesday.
The country’s foreign and industry ministers will also visit the U.S. for trade discussions as early as this week, Koo told reporters after a meeting of economic ministers.
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Koo took office on Monday.
The four officials complete a new cabinet team under President Lee Jae Myung who was sworn in on June 4 after winning a snap election called after his predecessor’s ouster for trying to declare martial law.
The political turmoil that ensued delayed South Korea’s response to U.S. President Donald Trump’s punishing tariff regime imposed on dozens of trade partners, including key industrial powerhouses that are also security allies.
Koo and Minister for Trade Yeo Han-koo will hold talks with U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer on Friday at the request of the U.S. officials, the finance minister said.
“We’ve had discussions from the perspective of national interest and pragmatism and we’ll do our best to prepare a meticulous strategy until we’re leaving,” Koo said, declining to say whether Seoul was hoping to push back the August 1 deadline before reciprocal tariffs set by Trump are due to come in.
Yeo said on Tuesday he would seek to base the talks around forming a manufacturing partnership with the United States.
On Monday, South Korea’s new Industry Minister Kim Jung-kwan said tariff talks were in a critical phase that could result in a range of possible outcomes and pledged an all-out effort to wrap up negotiations by August 1.
Trump has vowed to slap tariffs on a range of countries including South Korea to reduce what he called unfair trade imbalances.
On Saturday, Japan’s top tariff negotiator, Ryosei Akazawa, said he planned to visit Washington this week to hold further ministerial-level talks, as Tokyo hopes to clinch a deal by its August 1 deadline.
Reporting by Jihoon Lee; Additional reporting by Joyce Lee; Writing by Jack Kim Editing by Ed Davies
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