Home > National > Diplomacy

Finance minister likely to hold tariff talks with U.S. treasury secretary on July 31, sources say

Published: 28 Jul. 2025, 09:12

Finance Minister Koo Yun-cheol, who doubles as the deputy prime minister for economic affairs, is seen at Incheon Airport on July 24, as he canceled his trip to Washington following reports from the Finance Ministry that high-level trade talks between Korea and the United States scheduled for later this week were postponed due to U.S. Treasury Secretary Scott Bessent's urgent schedule. [YONHAP]

Finance Minister Koo Yun-cheol is likely to meet with Treasury Secretary Scott Bessent this Thursday to reach a tariff deal just before the hefty reciprocal duties take effect on Aug. 1, according to sources Sunday.

The negotiations, set for Thursday, come as Seoul seeks to reach a trade deal with the United States to lower the 25 percent reciprocal tariff and sectoral duties set by the Donald Trump administration on Korean goods.

The meeting is likely to take place at the U.S. Department of the Treasury headquarters in Washington, though the exact time and location of the meeting has yet to be confirmed, the sources said.

The presidential office earlier announced that Koo and Foreign Minister Cho Hyun are scheduled to meet with Bessent and Secretary of State Marco Rubio, respectively, next week, as it vowed to make an all-out effort in trade negotiations with Washington.

Concerns have grown over whether the two sides will be able to make a breakthrough before the deadline following Washington's abrupt cancellation of high-level trade talks last week.

Yonhap