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South Korea’s newly appointed Finance Minister Koo Yun-cheol announced that he and top Trade Minister Yeo Han-koo will meet with U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer on Friday to discuss impending tariffs. The talks come amid rising trade tensions, with U.S. President Donald Trump planning to impose reciprocal tariffs on several countries, including South Korea, starting August 1.
Koo, who assumed office Monday, said the meeting was arranged at the request of U.S. officials. He emphasized that South Korea’s approach would prioritize “national interest and pragmatism,” though he declined to comment on whether Seoul would request a deadline extension.
In a coordinated diplomatic push, South Korea’s foreign and industry ministers are also preparing to visit the U.S. as early as this week to engage in parallel trade discussions. Industry Minister Kim Jung-kwan noted Monday that the negotiations are in a “critical phase,” with multiple possible outcomes, and pledged an all-out effort to finalize a deal before the August deadline.
This new economic team was assembled under President Lee Jae Myung, inaugurated on June 4 following a snap election triggered by the ouster of his predecessor over a failed attempt to declare martial law. The domestic political upheaval had delayed Seoul’s response to Trump’s aggressive tariff strategy, which targets even long-standing allies over what he claims are unfair trade imbalances.
Japan is also accelerating efforts to meet the U.S. deadline. On Saturday, Japan’s lead trade negotiator Ryosei Akazawa said he would visit Washington this week to advance talks.
As the August 1 deadline looms, both South Korea and Japan are racing to shield their economies from sweeping U.S. tariffs that could disrupt key export sectors and strain strategic alliances.
