South Korea’s Finance Minister Choi Sang-mok will meet U.S. Treasury Secretary Scott Bessent next week to discuss trade issues during a U.S. visit initiated at Bessent’s invitation, Seoul’s ministry said on Wednesday.
Choi was expected to attend a meeting of G20 finance ministers on the sidelines of the spring International Monetary Fund and World Bank meetings in Washington.
‘First Mover Advantage’
Bessent has said the U.S. was in talks with a handful of countries, including South Korea and Japan, on tariffs announced by President Donald Trump and that there was a “first mover advantage” especially for allies that could have “an agreement in principle” soon.
South Korea, under acting President Han Duck-soo, has engaged actively with senior Trump administration officials with the goal of lowering the 25% reciprocal tariff Trump has announced for the country, which he has since paused along with other high tariffs slapped on a string of countries.
Choi said on Tuesday that it was a priority for South Korea to minimise any adverse impact on businesses from the trade-reliant country and that talks would initially focus on delaying the implementation of the duties in talks with Washington.
Trump Admin Reviewing Proposals
White House Press Secretary Karoline Leavitt said this week that there were more than 15 proposals that the U.S. administration is reviewing and that some deals could be happening soon.
The U.S. Treasury Department suggested that Choi discuss trade-related issues with Bessent on the sidelines of a G20 meeting, South Korea’s finance ministry said in a statement.
The tariff shock comes as South Korea prepares to pick a new president in a snap election on June 3, after Yoon Suk Yeol was ousted this month over his short-lived martial law declaration.
While the power vacuum has raised questions about the mandate of acting President Han Duck-soo and the direction of its response to Trump’s sweeping tariffs, Han’s government has engaged with top U.S. administration officials.
Han spoke to Trump last week in a phone call, while South Korea’s top trade envoy met U.S. Trade Representative Jamieson Greer to discuss lowering tariffs.
(With inputs from Reuters)
