April 24-25 Likely... Choi Sangmok and Ahn Duckgeun Represent Korea
U.S. Side Includes Treasury Secretary and USTR Representative
Emphasis on "Consultation," Not "Negotiation"
Securing Maximum Time... Major Decisions to Be Made by Next Administration
On April 24-25 (local time in the United States), a high-level "2+2" trade consultation will be held in Washington, D.C., with the finance and trade ministers from both South Korea and the United States participating simultaneously. Representing South Korea will be Choi Sangmok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, and Ahn Duckgeun, Minister of Trade, Industry and Energy. On the U.S. side, Treasury Secretary Scott Besant and Jamison Greer, Chief Trade Policy Officer at the United States Trade Representative (USTR), will participate.
Choi Sangmok, Deputy Prime Minister for Economic Affairs (left), and Ahn Duckgeun, Minister of Trade, Industry and Energy, in conversation. Photo by Yonhap News
The Ministry of Economy and Finance and the Ministry of Trade, Industry and Energy announced in a joint press release on the 20th that "a 2+2 'trade consultation' with the United States is planned in Washington." The government explained that this was initiated at the suggestion of the U.S. side, and that the schedule and agenda are currently being finalized.
Typically, the finance ministers of South Korea and the United States meet during the G20 Finance Ministers' Meeting to discuss foreign exchange and financial issues. However, with the participation of the trade ministers, the agenda has now expanded to include trade issues.
The U.S. side intends to broaden the scope of the negotiations as much as possible. However, the South Korean government has described the meeting as a "consultation" rather than a formal "negotiation."
The United States is seeking a "one-stop shopping negotiation" that encompasses even defense cost-sharing issues, while South Korea maintains a "two-track" approach, separating trade and security matters.
U.S. President Donald Trump also raised the issue of defense cost-sharing and requested a "one-stop shopping" negotiation during a recent phone call with Acting President and Prime Minister Han Ducksoo.
The Trump administration is facing both domestic and international challenges, including direct confrontation with China, a sell-off of U.S. Treasury bonds and a sharp decline in the New York stock market, concerns over U.S. stagflation, and anti-Trump protests within the United States. As a result, it is in urgent need of achieving results with its top five negotiation targets, including South Korea.
Against this backdrop, there is a growing sentiment within and outside the government that South Korea must proceed cautiously and secure as much time as possible in negotiations with the United States, as long-term national interests are at stake.
This is due to concerns that, given the U.S.'s impatience in negotiations with key countries, South Korea could end up being dragged along in the process.
It has been suggested that, under the temporary acting president system in place until June 3, South Korea should lay the groundwork for negotiations but leave any major final decisions to the next administration.
Deputy Prime Minister Choi also expressed this position during a parliamentary session last week, emphasizing, "We will never rush tariff negotiations with the United States." He also stated that defense cost-sharing negotiations are not under consideration.
Minister Ahn also stated on KBS that "rather than hastily concluding negotiations, there are issues that need to be addressed, and both countries will continue consultations in a mutually favorable manner," indicating a cautious approach.
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