Korean economic and trade leaders are making every effort in final negotiations with officials from the Trump administration ahead of the United States' 25% reciprocal tariff imposition on August 1.
According to the Ministry of Economy and Finance on the 30th, Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol met with Minister of Trade, Industry and Energy Kim Jung-kwan and Trade Negotiation Headquarters Director Yeo Han-koo the previous day (local time) with Howard Lutnick, the U.S. Secretary of Commerce at the U.S. Department of Commerce. They conducted trade negotiations for two hours starting at 3 p.m.
This meeting was held as part of the ongoing U.S.-Korea tariff negotiations that have been intensively continuing since the 24th. Minister Kim and Director Yeo had previously met with Secretary Lutnick twice on the 24th and 25th in Washington and New York, and then urgently flew to Scotland following Lutnick's itinerary. They met with Secretary Lutnick, who was accompanying President Trump, negotiated on-site, and then returned to Washington, D.C.
In the meantime, as Minister Kim had engaged in multiple discussions with Secretary Lutnick, Deputy Prime Minister Koo joined to broaden the avenues of contact between the two countries. It appears that the Korean delegation presented a revised proposal that was more advanced than the previous suggestions based on directives from their home country during this negotiation.
Previously, Korea attempted to conclude negotiations by repeatedly suggesting revised proposals that included concessions in sensitive agricultural sectors, but the United States is known to be demanding more concessions such as additional opening of the agricultural market, including beef and rice, and the relaxation of non-tariff barriers in response to Korean investments in the U.S.
In this context, the Wall Street Journal (WSJ) reported on the 29th that Secretary Lutnick had recently urged Korea in Scotland to "bring the best and final trade proposal to the table." The WSJ reported, "Secretary Lutnick also said that when presenting the final proposal to President Trump, 'everything must be brought.'"
Deputy Prime Minister Koo will engage in final negotiations with U.S. Treasury Secretary Scott Bessent in Washington, D.C. on the 31st. The two are expected to finalize cooperation and trade agenda for both countries. On the same day, Foreign Minister Cho Hyun will also hold negotiations with Secretary of State Marco Rubio.
Deputy Prime Minister Koo stated while heading to the U.S., "I will explain well the programs and situations Korea is preparing and ensure that we have good discussions with the U.S. on areas for medium- to long-term cooperation such as shipbuilding."