Seoul: South Korea's Finance Minister Koo Yun-cheol announced plans for high-level trade discussions with the United States, which are scheduled to occur later this week in Washington. These talks come as both nations face an impending deadline for negotiations on U.S. tariff measures, set for August 1.
According to Bahrain News Agency, Koo, alongside Trade Minister Yeo Han-koo, will meet with U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer on Friday. The discussions are part of the "2+2" format aimed at addressing the looming tariff issues and potentially averting the imposition of new trade measures.
The United States has planned to enforce 25% reciprocal tariffs on South Korean products starting August 1, adding to existing sectoral tariffs, which include 25% duties on auto and steel imports. These measures were initially set in motion on April 9 but were paused by then-President Trump on the same day, allowing a window for negotiations. The pause was later extended, with the enforcement date now set for August 1.