Consultations Expected on the Elimination of Tariffs and Related Issues
The Korea-US finance and trade leaders met in the United States to discuss tariffs and other issues, concluding their consultations in just 1 hour and 8 minutes.
Choi Sangmok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, and Ahn Deokgeun, Minister of Trade, Industry and Energy, held the Korea-US 2+2 Trade Consultation at the US Department of the Treasury in Washington, D.C. on the 24th (local time). Their US counterparts were Jay Shambaugh, US Under Secretary of the Treasury for International Affairs, and Jamieson Greer, US Trade Representative (USTR).
Choi Sangmok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, attended the Korea-US 2+2 Trade Consultation held at the US Department of the Treasury on the 24th (local time) with Ahn Deokgeun, Minister of Trade, Industry and Energy. They took a photo with Janet Yellen, US Secretary of the Treasury, and Katherine Tai, US Trade Representative (USTR). Ministry of Strategy and Finance
The consultation began at 8:10 a.m. and ended at 9:18 a.m., lasting about 1 hour and 8 minutes. Attendees included Choi Jiyoung, Assistant Minister for International Affairs at the Ministry of Strategy and Finance; Kang Youngkyu, Spokesperson; Min Kyungseol, Director-General for International Economic Affairs; Park Sungtaek, Vice Minister of the Ministry of Trade, Industry and Energy; and Jang Seonggil, Director-General for Trade Policy, among others.
The government is believed to have discussed the mutual and item-specific tariffs requested by the US side during this consultation. Minister Ahn stated the previous day at Dulles International Airport near Washington, D.C., "The basic goal of the trade consultation is to eliminate the imposition of mutual tariffs."
It is also possible that a range of issues requested by the US, such as non-tariff barriers including value-added tax and the trade deficit, were discussed. To respond to these topics, not only the Ministry of Strategy and Finance and the Ministry of Trade, Industry and Energy, but also an eight-agency working group including the Ministry of Agriculture, Food and Rural Affairs, the Ministry of Foreign Affairs, and the Ministry of Environment, joined this business trip.
Deputy Prime Minister Choi visited the US to attend the G20 Finance Ministers' Meeting and the International Monetary and Financial Committee (IMFC), and also took the opportunity to hold the trade consultation. On the 22nd (Korea time), before departing from Incheon International Airport, he said, "I will return after opening the way for renewed discussions to strengthen the Korea-US alliance."
After the 2+2 Trade Consultation, Minister Ahn is scheduled to hold a separate meeting with his counterpart, Representative Greer.
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