'Korea-U.S. 2+2 Talks' Canceled, Tariff Negotiation Uncertainty Grows... Wi Sunglak Returns Today

Trump Administration Plans to Impose 25% High Tariff on South Korea Starting August 1
Negotiation Table Suddenly Postponed with Only Eight Days Left, Heightening Uncertainty
Director Wi Fails to Meet with Secretary Rubio
Presidential Office: "South Korea and the United States Are Engaged in Close Consultations Through Various Channels"

Concerns are rising as the '2+2 Trade Consultation' between the heads of finance and trade from South Korea and the United States, which was scheduled to be held in Washington, DC on the 25th, was canceled just one day before the planned date due to an urgent schedule for U.S. Treasury Secretary Scott Besant. President Donald Trump plans to impose a 25% high reciprocal tariff on South Korea starting August 1, leaving only about a week to resolve the issue. The South Korean government plans to reschedule the meeting as soon as possible, but since Secretary Besant is likely to accompany President Trump on his visit to Scotland from July 25 to 29, the possibility of an early meeting is low.

Yonhap News

Immediate attention is focused on the outcome of National Security Director Wi Sunglak's visit to the United States. According to the Presidential Office, Director Wi, who departed for the U.S. on July 20, is scheduled to return to South Korea via Incheon International Airport on July 24. Unlike his first visit to the U.S. on July 9, Director Wi did not disclose his schedule to the media this time. While staying in the U.S., Director Wi had planned to meet with his counterpart, Secretary of State and White House National Security Advisor Marco Rubio, to review the overall progress of negotiations and narrow down key issues, but it is reported that the meeting did not take place. Instead, Director Wi sought a meeting with Secretary of Commerce Howard Lutnick, but whether this meeting occurred has also not been confirmed.

Director Wi plans to report the results of his U.S. visit to President Lee Jaemyung immediately upon his return. However, according to the Presidential Office, it is highly likely that Director Wi will not hold a separate press briefing after reporting to President Lee. This is interpreted as an effort to avoid creating any grounds for misunderstanding with the U.S. side, as the tariff negotiations have entered a critical phase with little time remaining.

The Presidential Office stated, "South Korea and the United States are conducting close consultations through various channels," and added, "During his visit, Director Wi also met with key U.S. government officials and fully explained our government's position." However, it was also noted, "We ask for your understanding, as there are limitations in disclosing the specific U.S. officials contacted."

Previously, Director Wi visited the U.S. from July 6 to 8 (local time) and discussed various issues, including security and trade, with Secretary Rubio. During their meeting, both sides agreed to maintain close communication to conclude the tariff negotiations by August 1. In particular, Director Wi proposed that the two countries discuss a 'package' of issues, including trade, investment, procurement, and security. Accordingly, the government has been exploring ways to bring all key issues?such as increasing defense spending, item-specific tariffs, and easing regulations on online platforms?to the negotiation table.

On July 24, at Incheon International Airport Terminal 2, Koo Yooncheol, Deputy Prime Minister for Economy and Minister of Strategy and Finance, canceled his departure and left the airport as the US requested a sudden postponement of the Korea-US 2+2 trade talks. 2025.7.24. Photo by Kang Jinhyung

Some observers are concerned that the cancellation of the '2+2 Trade Consultation' and the difficulties faced by Director Wi in holding high-level talks may indicate that the tariff negotiations are at a standstill. Just the day before, news of a U.S.-Japan tariff agreement had raised expectations inside and outside the Presidential Office that the South Korea-U.S. negotiations could also gain momentum, using the outcome of the Japan-U.S. talks as a reference. Presidential spokesperson Kang Yujeong stated at a briefing the previous day regarding the U.S.-Japan tariff negotiations, "We are analyzing the details of the U.S.-Japan tariff agreement," and added, "If there are any aspects relevant to our negotiations, we will take them into consideration." She also said, "We will do our utmost to find the best solution with the national interest as our top priority."

Meanwhile, although the '2+2 Trade Consultation' has been canceled, meetings between Minister of Trade, Industry and Energy Kim Jungkwan and Secretary of Commerce Howard Lutnick, as well as between Trade Negotiation Head Yeo Hankoo and U.S. Trade Representative (USTR) Jamison Greer, will proceed as scheduled. Minister Kim did not attend President Lee's appointment ceremony on July 23 and instead traveled to the United States. On July 23 (local time), at Dulles International Airport near Washington, DC, Minister Kim told correspondents, "I have come to negotiate with my counterparts regarding the ongoing tariff negotiations," and added, "Regarding the U.S.-Japan trade talks, it is not yet the time to make an assessment; we are closely monitoring the situation to determine how we should respond."