Choosangmok Emphasizes 'Calm and Orderly Consultation'
The South Korean government proposed a request for mutual and product-specific tariff exemptions while suggesting trade balance, energy security, and the reconstruction of the U.S. shipbuilding industry during the '2+2 Trade Consultation' with the Trump administration.
According to the Ministry of Economy and Finance on the 25th, Deputy Prime Minister and Minister of Economy and Finance Choosangmok and Minister of Trade, Industry and Energy Ahn Duk-geun met with U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamie Greer in Washington, D.C., at 8 a.m. local time the previous day for the '2+2 Trade Consultation.'
This consultation holds significance as it was the first meeting where ministers from both countries in the finance and trade sectors confirmed their interests and positions regarding U.S. tariff policies and discussed future consultation methods.
The meeting took place for approximately one hour and ten minutes starting around 8:10 a.m. at the U.S. Treasury building.
During the consultation, Deputy Prime Minister Cho conveyed the concerns of our citizens regarding the mutual tariffs and product-specific tariffs imposed by the U.S. and emphasized that South Korea is a trustworthy partner for the U.S.
He also suggested seeking mutually beneficial cooperation that would be advantageous for both countries.
Additionally, Deputy Prime Minister Cho explained to the U.S. side that, considering South Korea's current situation, a calm and orderly consultation is necessary.
Minister Ahn proposed means for mutual contributions from both countries aimed at sustainable and balanced trade between South Korea and the U.S., enhancing South Korea's energy security, and rebuilding the U.S. shipbuilding industry.
Furthermore, he requested the exemption of mutual and product-specific tariff measures against South Korea.
Deputy Prime Minister Cho stated, "We assess that a consensus has been formed on preparing a 'July package' aimed at abolishing tariffs before the expiration of mutual tariff exemptions on July 8."
He also reported that a consensus was formed to discuss four areas of mutual interest: tariffs and non-tariff measures, economic security, investment cooperation, and monetary (exchange rate) policies.
He added, "More specifically, we plan to hold practical consultations soon between the Ministry of Trade, Industry and Energy and the U.S. Trade Representative's office," and "we plan to have additional high-level consultations with USTR representative Jamie Greer, who will visit South Korea to attend the Asia-Pacific Economic Cooperation (APEC) Trade Ministers' Meeting scheduled for the 15th of next month for two days."
Image source: Deputy Prime Minister and Minister of Economy and Finance Choosangmok, accompanied by Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy, attended the 'Korea-U.S. 2+2 Trade Consultation' held at the U.S. Treasury on the 24th (local time). They are taking a commemorative photo before the meeting with U.S. Treasury Secretary Scott Bessent and USTR representative Jamie Greer. / News1 (Ministry of Economy and Finance), Deputy Prime Minister and Minister of Economy and Finance Choosangmok / News1, Minister of Trade, Industry and Energy Ahn Duk-geun / News1.
