South Korea-U.S. Trade Talks Likely in '2+2' Finance and Trade Ministers Format... "Announcement Soon"

Scheduled for April 24-25 in Washington, D.C.
Korea: Deputy Prime Minister and Minister of Economy and Finance Choi Sangmok, Minister of Trade, Industry and Energy Anduk Geun
U.S.: Treasury Secretary Scott Besant, USTR Representative Jamison Greer

The South Korea-U.S. tariff negotiations are scheduled to be held this week in a "2+2" format, with both countries' finance and trade ministers attending simultaneously.

Anduk Geun, Minister of Trade, Industry and Energy, appeared on KBS Sunday Diagnosis on the morning of April 20 and, when asked whether the high-level South Korea-U.S. trade talks would be held in a "2+2" format, replied, "I think it will be confirmed and announced within a few hours."

It is known that the South Korean and U.S. governments plan to hold high-level negotiations in Washington, D.C. around April 24?25.

If the "2+2" format is confirmed, the U.S. side will be represented by Treasury Secretary Scott Besant and Jamison Greer, the chief official responsible for trade policy formulation and negotiations at the United States Trade Representative (USTR). On the Korean side, Deputy Prime Minister and Minister of Economy and Finance Choi Sangmok, who oversees economic policy, and Minister Anduk Geun, who heads trade affairs, are expected to participate.

Deputy Prime Minister Choi was originally scheduled to visit Washington, D.C. to attend the Group of Twenty (G20) finance ministers' meeting, and, at the request of the U.S. side, planned to meet separately with Treasury Secretary Scott Besant to discuss bilateral issues, including trade matters.

Minister Anduk Geun is also coordinating a visit to Washington, D.C. around April 24 to meet with USTR Representative Jamison Greer, Commerce Secretary Howard Lutnick, and other senior officials to negotiate adjustments to U.S. tariffs on Korean goods.

Initially, there was consideration for Deputy Prime Minister Choi and Minister Anduk Geun to hold separate talks with their U.S. counterparts, but it has been reported that, at the request of the U.S. side, a joint meeting format involving both finance and trade ministers was arranged.

There is also speculation that Commerce Secretary Howard Lutnick, who is involved in U.S. trade policy, may participate, raising the possibility that the meeting could take the form of "2 (Korea) + 3 (U.S.)" if Lutnick joins.

The Korean government is preparing for negotiations with the U.S. by proposing a "package" that includes efforts to pursue trade balance and resolve non-tariff barriers, aiming to minimize tariff burdens on a country-specific and item-specific basis, including automobiles, steel, and semiconductors.

Minister Anduk Geun stated, "We are approaching this matter cautiously," adding, "Rather than rushing to conclude the negotiations, there are issues that need to be addressed, so both countries will continue discussions to resolve them amicably."

He also said, "We plan to make every effort to eliminate tariffs, especially on our key exports to the U.S. such as automobiles and semiconductors," but noted that tariff negotiations with the United States could become protracted.