On the 24th (local time), the delegations of South Korea and the United States began the '2+2 Minister-level trade consultations' in Washington, D.C.
Deputy Prime Minister and Ministry of Economy and Finance Minister Choi Sang-mok and Ministry of Trade, Industry and Energy Minister Ahn Duk-geun started trade consultations with Treasury Secretary Scott Pruitt and U.S. Trade Representative (USTR) Jamison Greer at the Treasury Department in Washington, D.C., around 8:10 a.m., the Ministry of Economy and Finance noted.
On the way into the U.S. Treasury Building, Deputy Prime Minister Choi answered a question from reporters about whether there would be an opportunity to talk with U.S. President Donald Trump, saying, 'I’m not sure.'
Minister Ahn did not respond to reporters' questions about the negotiations' outlook and entered the Treasury Building.
During the consultations, the two countries will discuss the item-specific tariffs and reciprocal tariffs that President Donald Trump has recently imposed.
President Trump imposed a 25% tariff on steel and aluminum starting from June 12 and a 25% tariff on imported foreign cars from July 3. A basic tariff of 10% also took effect starting July 5.
He announced that a 15% reciprocal tariff on South Korea would also be imposed; however, that tariff has been postponed for 90 days.
The primary goal of the South Korean delegation is to eliminate or significantly reduce the total tariff rate of 25%, which consists of a 10% basic tariff and a 15% reciprocal tariff.
The delegation is expected to listen to U.S. demands under the condition of eliminating or drastically reducing the reciprocal tariffs, and to propose cards such as expanding imports of U.S. liquefied natural gas (LNG) to reduce the U.S. trade deficit with South Korea, cooperation in shipbuilding, and the removal of 'non-tariff barriers.'