The United States and South Korea are showing opposing attitudes regarding the completion timeline of trade negotiations. The South Korean government sees negotiations between the two countries as something the new government should finalize, given that the presidential election will take place on June 3, whereas the U.S. government is pushing for an early resolution, suggesting that finishing the negotiations quickly would be advantageous for the election.
The results announced by the delegations of both countries regarding the 2+2 trade talks, held on the 24th (local time) in Washington, D.C., are also subtly different. The South Korean government stated that they agreed to prepare a 'July package,' but the U.S. side has not officially used that wording. This has led some to interpret that the U.S. stance hints at 'July being too slow.'
According to foreign media on the 30th, U.S. Secretary of the Treasury Scott Bessent said during a briefing on the economic achievements of Donald Trump's first 100 days in office on the 29th (local time), "These governments (South Korea and Japan) actually want to complete the trade agreement framework to show that they successfully negotiated with the U.S. before the elections."
In response to a question about whether it would be difficult to reach a comprehensive agreement before the elections due to political factors like South Korea's June 3 presidential election and Japan's July House of Councilors elections, Bessent replied, "Well, I have a different opinion."
He added, "We find that they want to come to the negotiating table and would like to run their election campaigns based on completing this agreement."
Bessent's comments are contrary to the South Korean government's position that the new government must finalize the negotiations. In this regard, Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok said during a meeting of the Strategy and Finance Committee at the National Assembly on the 30th, "Bessent's comments seem to be made for domestic consumption," adding, "I requested the U.S. Treasury to clarify the background of his remarks."
Deputy Prime Minister Choi previously stated during a briefing on the results of the 2+2 trade talks in Washington, D.C. on the 24th, "There are several factors, including South Korea's political schedule, the scope of executive authority, and the need for legislative consent, that need to be considered during the negotiation process, and the other side has agreed to this."
Park Seong-taek, first vice minister of the Ministry of Trade, Industry and Energy, also said during a briefing on the results of his visit to the U.S. on the 28th, "There will be no agreement on the Korea-U.S. negotiations before the next government takes office," adding, "We will do our best before the presidential election, as we believe it would be inappropriate to impose any burdens when the next government takes over."
Experts analyzed that the Trump administration may have exaggerated the progress of tariff negotiations with South Korea in order to portray that the negotiations are going well. This aligns with Deputy Prime Minister Choi’s interpretation that these are "domestic comments."
After the Korea-U.S. 2+2 trade talks, Secretary Bessent conveyed President Trump’s request for an explanation of the negotiations with South Korea during the U.S.-Norway summit, stating, "South Korea brought the best proposal and we could reach a 'memorandum of understanding' as early as next week."
The phrase interpreted as 'the best proposal' in 'A game' implies that the term 'game' refers to 'game, bounty,' suggesting that the U.S. is winning in trade negotiations. This interpretation arises from the intention behind the word choice to appeal to Americans that they hold the upper hand in negotiations.
Choi Seok-young, a senior advisor at Lee & Ko law firm, stated, "The U.S. is making political statements while South Korea is speaking the reality," adding, "It makes no sense to claim that results from negotiations will be obtained while specific topics and methods of negotiation are still being discussed."
The U.S. appears to be making political statements as a means to address internal backlash over rising domestic prices and accelerate tariff negotiations with other countries.
Chinese apps 'Temu' and 'Shein,' which rank first and second in the U.S. App Store, have significantly raised their prices for goods within the U.S. Amazon is also reviewing its pricing for tariffs. The capital market is also experiencing fluctuations. The S&P 500 index, which was at around 6000 when Trump took office, has dropped to around 5500, and the Nasdaq 100 index has fallen by more than 8%, leading to significant investor dissatisfaction.
Choi Yong-min, former head of the International Trade Research Institute at the Korea International Trade Association, stated, "The U.S. tariff war is a fight with its own consumers," and added, "These statements are aimed at reassuring domestic consumers and boosting stock prices."
Currently, the trade discussions between the U.S. and South Korea remain at the level of forming a working group to determine how to proceed with the negotiations. Technical discussions to establish this framework are set to take place in Washington, D.C. from the 30th to May 1. Given the pace of the negotiations, the South Korean government believes that the U.S. notion of completing negotiations before the June elections is physically impossible.
Experts share the same view. Professor Heo Yoon of the Graduate School of International Studies at Sogang University noted, "There are significant differences in the negotiation objectives and positions between the two sides, and the agenda is also broad," adding, "Considering this situation, the possibility of reaching an agreement on the 'July package' is low. They may need to request a delay in imposing tariffs."
Some analysts suggest that Bessent's comments were intended with Japan in mind. The House of Councilors election in Japan is scheduled for July 27, which overlaps with the timing of negotiations with the U.S. If Japan successfully negotiates before the elections, it may prevent the reciprocal tariff (July 9), potentially providing Prime Minister Ishiba with an opportunity for a rebound in approval ratings.