South Korea-US '2+2' trade talks postponed due to Bessent's urgent schedule: finance ministry

Seoul, July 24 High-level trade talks between South Korea and the United States scheduled for later this week have been postponed due to the US Treasury Secretary Scott Bessent's urgent schedule, Seoul's finance ministry said Thursday.

The planned '2+2' dialogue scheduled for Friday (local time) in Washington was set to bring together Finance Minister Koo Yun-cheol and Trade Minister Yeo Han-koo, alongside Bessent and US Trade Representative Jamieson Greer, ahead of the August 1 negotiation deadline.

"The US has proposed holding talks in the near future, and South Korea and the US will set a new date for talks at the earliest date possible," ministry spokesperson Kang Young-kyu said.

When asked about the timing of the notification, Kang said the US side informed the South Korean government at around 9:00 a.m. Thursday, about an hour before the newly appointed finance chief was scheduled to leave for Washington.

Koo, who had been waiting for departure at Incheon International Airport, the main gateway to Seoul, cancelled his planned two-day trip, Yonhap news agency reported.

Kang, however, emphasised that the US side expressed its apologies multiple times and clearly conveyed its intention to reschedule the talks at the earliest possible date.

Yeo and Industry Minister Kim Jung-kwan, who had already arrived in the US capital, are continuing consultations with their US counterparts as originally planned, he added.

The high-stakes talks come as Washington is poised to impose a 25 per cent "reciprocal" tariff on South Korean products starting August 1, in addition to existing sector-specific duties, including those on automobiles and steel.

The reciprocal tariffs initially took effect on April 9 but were immediately suspended by US President Donald Trump for 90 days to allow negotiations. The suspension was later extended, with the US now planning to move forward with implementation on August 1.

South Korea is facing heightened pressure in the ongoing tariff negotiations following the conclusion of trade negotiations between Japan and the US earlier this week.

Trump earlier announced that his administration has reached a "massive" deal with Japan to reduce reciprocal tariffs from 25 per cent to 15 per cent in return for expanded Japanese market access for US automobiles, trucks, rice and other agricultural products, as well as a US$550 billion investment pledge from Tokyo.

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