Seoul’s committee in Washington stated following a first round of industry talks that South Korea and the United States had reached an agreement to create a business offer that would eliminate fresh US tariffs before the pause on bilateral tariffs is lifted in July.
US Treasury Secretary Scott Bessent stated in an op-ed note that the US and South Korea “had a very successful” meeting on Thursday ( April 24 ).
He told writers,” We may be moving more quickly than I anticipated, and we may be talking technical words as soon as next week.”
Bessent and US Trade Representative Jamieson Greer had a meeting with business ministers Ahn Duk-geun and South Korean finance secretary Choi Sang-mok.
No one part provided specifics about potential areas for deal. South Korea stated in a statement that it wanted to work with the US on issues like business imbalances and shipping, as well as item-specific US taxes.
” I think we had a very good begin today,” Ahn said.
We even agreed to hold working-level discussions the following year to determine the length and structure of the discussions, with the goal of a” midsummer deal” by July 8th.
On May 15 and 16, Choi said additional discussions with Greer will take place in South Korea.
According to Choi,” Discussions will concentrate on four main areas: tariffs and non-tariff measures, financial stability, investment cooperation, and currency policy.”
Trade experts predict that despite US enthusiasm, it is unlikely that the two parties will be able to attain a deal before South Korea’s presidential election in June.
Heo Yoon, an international trade teacher at Sogang University in Seoul, said,” It seems that South Korea is in careful style, while the US is on a fast track.