Vice Minister Choi Sang-mok, also the Minister of Economy and Finance, proposed on the 24th (local time) that "we will prepare a 'July Package' aimed at eliminating tariffs before the reciprocal tariff suspension ends on July 8."
Vice Minister Choi noted during a briefing that followed a 2+2 trade consultation in Washington, D.C., with U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamison Greer, that "it is assessed that a consensus has been formed on discussing four areas of mutual interest: tariffs and non-tariff measures, economic security, investment cooperation, and currency policy."
Vice Minister Choi emphasized that "we have introduced our willingness and vision for cooperation regarding U.S. major concerns such as trade, investment, shipbuilding, and energy," and said, "I explained that the imposition of reciprocal tariffs and item tariffs by the U.S. may negatively affect the economic cooperation relationship between the two countries."
He also emphasized that he conveyed the need for exemptions and exceptions from the tariffs imposed on Korea, particularly stressing the negative impact on the automobile sector, which is the most affected area for our economy.
He further stated, "We explained that there are various considerations regarding Korea's political schedule, trade-related laws, and the need for cooperation with the National Assembly, and requested the U.S. side’s understanding regarding this matter."
Vice Minister Choi additionally indicated that "more specifically, a working-level consultation between the Ministry of Trade, Industry and Energy and the U.S. Trade Representative will be held soon," and said, "We plan to hold additional high-level consultations with the U.S. Trade Representative, who will visit Korea to attend the APEC Trade Ministers' Meeting, which will be held for two days starting from May 15."
Regarding the discussed 'currency policy', Vice Minister Choi explained that "the two countries agreed to discuss this separately between the Ministry of Economy and Finance of Korea and the U.S. Treasury Department" and added, "There will be working-level consultations soon."
Vice Minister Choi summarized the discussions by stating that "we have narrowed down the scope of the negotiations and formed a consensus on the discussion schedule, thereby establishing a basic framework for the negotiations," and added, "We will do our best to achieve meaningful results regarding the U.S. tariff policies before the reciprocal tariff suspension ends on July 8."
Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy said, "In a separate meeting held in the afternoon with Representative Greer, we reiterated our request for a full exemption of tariffs imposed on Korea" and noted, "In this meeting, we reached a principled agreement on the framework for future consultations."
Minister Ahn further stated, "In pursuit of deriving the July Package, working-level consultations between the two sides regarding methods and scope will take place next week," and added, "After returning to Korea, we will prepare a government proposal through discussions led by the Prime Minister on the Economic Security Strategy Task Force and related ministries, and we will discuss it with the U.S. side next week."