Korea-US 2+2 Trade Consultation Begins: "Goal Is to Eliminate Mutual Tariffs" (Update)

Consultations at the US Treasury Department Expected to Last About an Hour

The government began trade consultations with the United States in Washington, D.C. on the 24th (local time) to discuss a range of issues including tariffs.

Choi Sangmok, Deputy Prime Minister for Economic Affairs and Minister of Strategy and Finance, who visited Washington D.C., USA, to attend the G20 Finance Ministers and International Monetary and Financial Committee (IMFC) meetings, attended the Korea-US 2+2 Trade Consultation held at the US Department of the Treasury on the 24th (local time) with Ahn Duckgeun, Minister of Trade, Industry and Energy. They held meetings with Scott Bessent, US Secretary of the Treasury, and Jamison Greer, US Trade Representative (USTR). Ministry of Strategy and Finance

Choi Sangmok, Deputy Prime Minister for Economic Affairs and Minister of Strategy and Finance, and Ahn Duckgeun, Minister of Trade, Industry and Energy, entered the US Department of the Treasury building next to the White House in Washington, D.C. on the morning of the same day to begin the Korea-US 2+2 Trade Consultation. On the US side, Scott Bessent, Secretary of the Treasury, and Jamison Greer, US Trade Representative (USTR), attended the meeting.

As he entered the building, Deputy Prime Minister Choi was asked by reporters whether he would have an opportunity to speak with US President Donald Trump or Howard Lutnick, US Secretary of Commerce, and replied, "I'm not sure." When asked about the outlook for the negotiations, Minister Ahn did not give a specific answer and entered the building.

The consultation, which is expected to last about an hour, is likely to cover a range of issues raised by the United States, including mutual and item-specific tariffs, non-tariff barriers such as value-added tax, and the trade deficit. In response, not only the Ministry of Strategy and Finance and the Ministry of Trade, Industry and Energy, but also working-level teams from eight related ministries?including the Ministry of Agriculture, Food and Rural Affairs, the Ministry of Foreign Affairs, and the Ministry of Environment?traveled to the United States.

After the 2+2 Trade Consultation, Minister Ahn is scheduled to hold a separate meeting with his counterpart, Representative Greer. The previous day, at Dulles International Airport near Washington, D.C., he stated, "The basic goal of the trade consultation is to eliminate the mutual tariffs that have been imposed."

The previous afternoon, Deputy Prime Minister Choi and Minister Ahn, along with the 2+2 Trade Consultation delegation, held a preliminary working-level meeting at a location in Washington, D.C. The meeting, which lasted about one hour and twenty minutes, focused on reaffirming the objectives related to the trade consultations and seeking countermeasures in response to the US position.