Korea-U.S. Tariff Talks Alleviate Uncertainty, Pave Way for Structured Consultation, Finance Chief Announces

Finance Minister Choi Sang-mok addressed reporters at Incheon International Airport on April 27. [YONHAP]

Korea's Finance Minister Choi Sang-mok stated on Sunday that the discussions held with the United States regarding their extensive tariff plan had alleviated some uncertainties and paved the way for structured negotiations.

Upon arriving at Incheon International Airport following his trip to Washington, Choi commented on recent developments. During their visit, Choi, alongside Industry Minister Ahn Duk-geun, participated in trade discussions with U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer on Thursday.

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Choi stated, "We defined the topics of discussion and set up the foundation for upcoming talks following our agreement on the timeline for debates." He added, "This has minimized ambiguity and paved the way for structured conversations ahead."

In the course of the meeting, both countries concurred on working together to develop a comprehensive accord addressing fresh American tariffs and matters related to economic collaboration by July 8th. This deadline aligns with the scheduled expiration of the 90-day moratorium imposed by the Trump administration’s extensive tariff measures.

Choi additionally mentioned that he thoroughly briefed the American side on South Korea's political calendar and emphasized the importance of collaborating with the National Assembly concerning the tariff discussions.

South Korea is facing a shortage of political guidance after ex-President Yoon Suk Yeol was impeached due to his controversial announcement of martial law. The country has set the date for a presidential election on June 3rd.

Seoul and Washington will be able to have "constructive discussions" about foreign exchange issues, as the two nations have direct and regular communication channels between their financial authorities, Choi said.

Yonhap