Riyadh: U.S. Treasury Secretary Scott Bessent stated that South Korea presented "very good" proposals during bilateral trade talks aimed at securing exemptions from new U.S. tariffs. The discussions took place before South Korea's election cycle began as both nations focused on issues such as tariff measures, economic security, investment cooperation, and currency policy.
According to Yonhap News Agency, Bessent made these remarks at the Saudi-U.S. Investment Forum in Riyadh. South Korean officials have mentioned that the proposals included ideas for economic and industrial cooperation, particularly in the shipbuilding industry, which is of interest to the U.S. due to China's significant shipbuilding capacity.
Bessent also commented on trade talks with other Asian nations, highlighting productive discussions with Japan and acknowledging Indonesia's openness and Taiwan's strong proposals. The forum occurred following an agreement between the U.S. and China to temporarily reduce tariffs, creating what Bessent referred to as the "Geneva mechanism" to prevent misunderstandings between the two countries.
On engagement with the European Union, Bessent noted a "collective action" problem, citing differing interests among European nations but expressing confidence in eventually reaching a satisfactory resolution.