Seoul, July 22 || South Korea's Finance Minister Koo Yun-cheol said on Tuesday that he will hold so-called "2+2" high-level trade talks with the United States later this week, ahead of the looming August 1 deadline for bilateral negotiations on the US' sweeping tariff measures.
Koo said he and Trade Minister Yeo Han-koo will head to Washington for the talks set to be held Friday, involving US Treasury Secretary Scott Bessent and US Trade Representative (USTR) Jamieson Greer.
"With the August 1 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 following a meeting on key economic affairs.
When asked about Seoul's negotiation strategy, Koo, who also serves as deputy Prime Minister for economic affairs, declined to elaborate, news agency reported.
Koo's upcoming visit will mark the first trip to Washington by South Korea's highest economic official since President Lee Jae Myung came into office on June 4. Koo officially assumed his post as finance minister on Monday.
The upcoming talks will also mark the first of their kind under the Lee administration as the last round of "2+2" trade talks held in Washington in April had involved former Finance Minister Choi Sang-mok and former Industry Minister Ahn Duk-geun, both appointed under the previous Yoon Suk Yeol administration.
The US is set to start imposing 25 per cent reciprocal tariffs on South Korean products August 1, in addition to a range of sectoral tariffs, including 25 per cent duties on auto and steel imports, that are already in place.
"The foreign minister and the industry minister will also travel to the United States as early as this week to meet with their respective counterparts in an effort to persuade Washington," Koo said.
The reciprocal tariffs originally took effect on April 9, but Trump paused them the same day for 90 days to allow for negotiations. He later extended the pause, saying the US will start imposing them on August 1.
Asked about the possibility of the deadline being further extended, Koo said the government's current focus is on negotiations.