South Korea’s newly appointed finance minister will hold tariff negotiations with his U.S. counterpart in Washington this week, marking the first round of trade talks under President Lee Jae-myung’s administration. The discussions come as both nations work to reach an agreement before the implementation of sweeping tariffs on August 1.
“We have confirmed the date for a ‘2+2’ meeting with the U.S. on July 25,” Korea’s Deputy Prime Minister and Minister of Economy and Finance, Koo Yoon-cheol said on Tuesday. Trade Minister Yeo Han-koo will join Koo at the meeting, and U.S. Treasury Secretary Scott Bessent, along with Trade Representative Jamieson Greer, will lead the U.S. side.
The upcoming round of trade negotiations will be the second in recent months and the first led by the finance chief under President Lee Jae-myung’s administration. Lee took office in early June following the removal of former President Yoon Suk Yeol, who was removed after attempting to declare a controversial martial law.
The meeting is scheduled a week before the August 1 deadline set by the United States to finalize tariff agreements with countries identified as having current account and trade surpluses. Koo also confirmed that South Korea will send Trade Minister Kim Jung-kwan and Foreign Minister Cho Hyun to Washington this week for separate bilateral talks with U.S. counterparts.
Earlier this month, U.S. President Donald Trump sent a letter to South Korean President Lee warning of plans to impose a 25% tariff on nearly all South Korean imports. If enacted, these reciprocal tariffs could impact Korea’s automotive and manufacturing industries.
To counter this, Korean negotiators are likely to prioritize lowering both the overall tariff rate and duties targeting specific products.
As part of the trade deal, Seoul may also consider offering concessions in its agriculture and livestock sectors, which could spark resistance from domestic farming groups. Meanwhile, Washington continues to press Seoul to relax non-tariff barriers, including its longstanding ban on U.S. beef imports from cattle over 30 months old, citing concerns over mad cow disease.
TRAVEL & TOURISM | EU Proposes a €20 Fee for Visa-Free Entry Starting 2026
