Koo Yooncheol to Hold Final Talks with Scott Besant on 31st... "All-Out Effort in Trade Negotiations" (Comprehensive)

Deputy Prime Minister and Minister of Economy and Finance Koo Yooncheol will meet with U.S. Treasury Secretary Scott Besant on the 31st (local time) in Washington, D.C.

On July 24, at Incheon International Airport Terminal 2, Koo Yoonchul, 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

On the 28th, the Ministry of Economy and Finance announced this through a press release, stating, "Deputy Prime Minister Koo is scheduled to depart for Washington tomorrow (the 29th) to meet with Secretary Besant," and added, "The intention is to make every effort to respond to trade negotiations locally during the remaining period."

Deputy Prime Minister Koo will meet with Secretary Besant on the 31st, one day before the 25% tariff takes effect (August 1), to engage in last-minute negotiations. This meeting will be held in a 1+1 format, not the previously planned 2+2 format. The trip to the United States was rescheduled after the originally planned 2+2 trade consultation on the 25th was abruptly canceled by the U.S. side. This meeting is expected to serve as a final coordination point for the ongoing trade discussions.

The Ministry of Economy and Finance stated that meetings originally planned with U.S. think tanks will not take place. Deputy Prime Minister Koo had initially planned to meet with the America First Policy Institute (AFPI), located in Washington, and the Peterson Institute for International Economics (PIIE), prior to the trade consultations. AFPI is known as a research institute focused on the America First agenda promoted by President Donald Trump, while PIIE is recognized as the most influential U.S. think tank in the field of international economics.

As Japan and the European Union (EU) have successively agreed to implement a 15% reciprocal tariff, attention is focused on whether the Korean government will be able to maintain the 15% threshold as its final line. The Korean government is reportedly preparing a variety of options, including strengthening cooperation in the shipbuilding industry. Issues such as rice and U.S. beef over 30 months old are also on the negotiation table. An official from the Ministry of Economy and Finance stated, "Deputy Prime Minister Koo is making every effort to coordinate with the Minister of Trade, Industry and Energy and others who have already departed and are conducting negotiations locally, in order to assess the situation."