Finance Minister Choi to meet Bessent over trade issues next week

Finance Minister Choi Sang-mok is to hold talks with U.S. Treasury Secretary Scott Bessent next week over trade issues that include the United States’ new import tariffs, the finance ministry said Wednesday.

The meeting was proposed by Bessent in line with Choi’s visit to the U.S. for the upcoming Group of 20 (G20) finance ministers and central bank governors’ meeting, the ministry said.

“The details regarding the schedule and participants are currently under review,” ministry spokesperson Kang Young-kyu said.

The planned Choi-Bessent meeting comes after Washington signaled its intent to open trade negotiations with South Korea.

In a recent interview with Bloomberg, Bessent emphasized the importance of securing a “first mover advantage,” as nations seek to mitigate the potential fallout from President Donald Trump’s tariff policies.

During a parliamentary inspection session, Choi said the Seoul government would not be in a hurry to conclude tariff negotiations.

“Final decisions will be made by the incoming government,” Choi told lawmakers.

Earlier this month, Trump imposed steep “reciprocal” tariffs on South Korea, Japan and several other countries, but later announced a 90-day suspension of the new measures to allow for negotiations.

South Korean Industry Minister Ahn Duk-geun is also planning to visit the U.S. as early as next week for tariff negotiations with U.S. officials, including Secretary of Commerce Howard Lutnick and U.S. Trade Representative Jamieson Greer.

Regarding speculations Seoul and Washington may hold “two-plus-two” talks attended by both their finance and trade ministers, a senior government official said the two sides are still discussing the format of talks.

The Seoul government is considering proposing a package of measures to reduce its trade surplus with the U.S. and address non-tariff barrier issues, with an aim of lowering the Trump administration’s 25 percent reciprocal tariff on the country and sectoral tariffs on auto, steel and semiconductor imports, according to sources familiar with the matter.

The proposal will likely include an increase of Seoul’s imports of gas, oil, agricultural products and weapons from the U.S. and expansion of Korean companies’ auto and semiconductor production in the U.S., the sources said.

Bilateral cooperation in the shipbuilding industry and Seoul’s potential participation in the Alaska liquefied natural gas (LNG) project are also expected to be discussed in the upcoming tariff negotiations.

Last week, South Korean acting President Han Duck-soo held a phone conversation with Trump, where they discussed the trade balance and tariff issues, as well as Seoul’s “large scale purchase of U.S. LNG,” and “payment for the big time Military Protection” provided by the U.S., according to Trump’s post on Truth Social.