South Korea to hold 2+2 trade talks with U.S. ahead of tariff deadline

South Korea’s new economic chiefs will visit Washington this week for 2+2 trade talks with U.S. officials, aiming to prevent 25% tariffs set to begin on 1 August. This marks their first trip since President Lee Jae-myung took office in June.

South Korean Finance Minister Koo Yun-cheol said on Tuesday that he and Trade Minister Yeo Han-koo will head to Washington for ministerial-level “2+2” trade negotiations with the US later this week, according to Yonhap News Agency.

The meeting, scheduled for Friday, will involve talks with U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer.

"With the 1 August deadline fast approaching, relevant ministries have formed a unified team to respond with a well-coordinated and practical strategy for the national interest," Koo told reporters.

The United States is due to impose 25% reciprocal tariffs on South Korean exports unless a deal is reached. Existing 25% tariffs already apply to South Korean auto and steel products.

President Donald Trump had initially paused the implementation of additional tariffs in April, granting a 90-day window for talks. That deadline was later extended, but is now set to expire next week.

Koo, who was sworn in as finance minister on Monday, declined to disclose Seoul’s negotiation strategy. He added that South Korea’s foreign and industry ministers are also expected to travel to the U.S. for separate meetings with their counterparts.

This will be the first U.S. visit by key economic ministers under President Lee Jae-myung, who assumed office on 4 June. The last round of “2+2” talks in April involved officials from the previous Yoon Suk Yeol administration.

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