Washington: South Korea and the United States have agreed to pursue “expedient and meaningful” advancements toward achieving reciprocal and balanced trade, as announced by the Office of the U.S. Trade Representative (USTR) following a bilateral meeting held in Washington. The meeting took place between USTR Jamieson Greer and South Korea’s Minister of Trade, Industry, and Energy, Ahn Duk-geun.
According to Yonhap News Agency, the meeting was described as “productive,” with both parties emphasizing the importance of reciprocal trade. The discussions included potential exemptions and exceptions from the Trump administration’s tariffs. Ambassador Greer highlighted the priorities of President Trump’s America First Trade Policy, with both countries agreeing on the need for swift progress in their trade relations.
The meeting also outlined next steps, with Greer and Ahn instructing their teams to engage in technical discussions the following week. Greer confirmed his participation in the upcoming Asia-Pacific Economic Cooperation (APEC) meeting on South Korea’s Jeju Island.
In addition to the trade discussions, Ahn and Greer participated in “two plus two” consultations with South Korea’s Finance Minister Choi Sang-mok and U.S. Treasury Secretary Scott Bessent. The Treasury Department highlighted Bessent’s positive view of the talks, noting a focus on expanding trade equilibrium and reducing trade barriers.
The discussions aimed to balance the bilateral relationship, with South Korea increasing investment in the U.S. Bessent and Choi reaffirmed the strong bilateral relationship and agreed to continue discussions on currency policy.
Seoul officials revealed that both nations concurred on joint efforts to develop a package agreement on U.S. tariffs and bilateral cooperation before the temporary pause on reciprocal tariffs ends on July 8. Future talks will address tariffs, economic security, investment cooperation, and currency policies, with working-level discussions set to commence next week.
According to The Wall Street Journal, U.S. officials intend to use a framework prepared by the USTR, outlining broad categories such as tariffs, non-tariff barriers, digital trade, and economic security. The U.S. plans to negotiate with about 18 major trading partners over the next two months, with discussions tailored to individual countries’ needs.