South Korea and the US will start working-level talks next week to finalize a tariff and cooperation package before a 90-day deadline. Focus areas include tariffs, economic security, investment, and currency policy, with future discussions planned at the APEC summit on Jeju Island.
South Korea and the United States will commence working-level discussions next week to further their agreement on trade tariffs and broader areas of economic cooperation, South Korean Industry Minister Ahn Duk-geun announced on Saturday.
Speaking upon his return from Washington, Ahn confirmed that he and Finance Minister Choi Sang-mok held “two-plus-two” consultations with U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer. During the meetings, both nations agreed to develop a comprehensive package addressing tariffs, economic, and industrial collaboration, aiming to conclude before the 90-day suspension on tariff measures expires on July 8, according to Yonhap News Agency.
“We assess that we got off to a good start in the consultations,” Ahn told reporters at Incheon International Airport. He emphasized that working-level negotiations will begin in earnest starting this week, and detailed task forces will be finalized soon.
During the two-plus-two talks, the two sides agreed to focus future discussions across four categories: tariff and non-tariff measures, economic security, investment cooperation, and currency policies. Ahn stressed that the South Korean government is determined to advance discussions on what is being called the “July package,” aimed at securing an extension or suspension of tariffs.
“We plan to proceed with the consultations calmly and with prudence,” Ahn added, highlighting the importance of a strategic and measured approach.
Addressing the sensitive issue of the balance of trade, particularly the U.S. push to reduce trade deficits, Ahn revealed that Seoul is considering increasing imports from the United States rather than cutting its own exports. “We proposed various measures, including increasing energy imports,” he explained.
Moreover, Ahn underlined that South Korea reaffirmed its commitment to resolving non-tariff barriers during the discussions. The two sides also reached a mutual understanding to actively cooperate in key industries, notably in shipbuilding.
Looking ahead, Ahn noted that another round of talks is anticipated during the upcoming trade ministers’ meeting at the Asia-Pacific Economic Cooperation (APEC) summit, which will be hosted on South Korea’s Jeju Island next month.
The working-level talks mark a crucial step in strengthening economic ties between the two countries and could have lasting impacts on bilateral trade and industry collaboration moving forward.
