On the 19th of last month, at the Government Complex in Seoul, An Deok-geun, the Minister of Trade, Industry, and Energy, spoke at the cabinet meeting on state affairs, the economic cabinet meeting, and the inter-ministerial meeting on strengthening industrial competitiveness. To his right is Choi Sang-mok, the Deputy Prime Minister and Minister of Economy and Finance. [Yonhap News]
This week, a ‘2+2′ high-level consultation, involving both the finance and trade ministers from South Korea and the United States, is set to take place in Washington, DC.
In a joint press release on the 20th, the Ministry of Economy and Finance and the Ministry of Trade, Industry, and Energy announced plans to hold a “2+2 Trade Consultation” with the U.S. in Washington.
Representing South Korea will be Choi Sang-mok, the Deputy Prime Minister and Minister of Economy and Finance, and An Deok-geun, the Minister of Trade, Industry, and Energy. From the U.S., Scott Besent, the Secretary of the Treasury, and Jamison Greer, the Chief U.S. Trade Representative (USTR) responsible for trade policy and negotiations, will participate.
The consultation is being held at the suggestion of the U.S., and the schedule and agenda are currently being finalized. U.S. local time on the 24th to 25th is being considered.
It appears to reflect the U.S.’s intent to expand the scope of the discussions. Typically, during the G20 finance ministers’ meetings, the finance ministers of South Korea and the U.S. meet to discuss foreign exchange and financial issues. However, by involving trade ministers, the agenda has been expanded to include trade issues.
Notably, the South Korean government has termed it a consultation rather than an official negotiation.
The U.S. is pushing for a “one-stop shopping negotiation” encompassing defense cost issues, while South Korea maintains a position of separating trade and security issues.
On April 16, President Trump met with Ryosei Akazawa, Japan’s Minister for Economic Revitalization, at the White House to discuss tariffs, asking for improvements in things like the cost-sharing of U.S. military presence in Japan and the low sales of American cars in Japan. The scene of Akazawa wearing a red “MAGA” (Make America Great Again) hat while smiling brightly was released by the White House.
Due to this, there is growing sentiment within and outside the government that negotiations with the U.S., which have significant long-term national interests at stake, should be handled with caution while maximizing the time available. The negotiations should lay the groundwork during the interim presidential authority until June 3, but major final decisions should be made by the next administration.
Deputy Prime Minister Choi also expressed this position in the National Assembly last week, emphasizing, “We will not rush the tariff negotiations with the U.S.” and stated that the defense cost negotiations are not being explored.
Minister An also appeared on KBS’s “Sunday Diagnosis” this morning, stating, “We will continue consultations in a mutually amicable manner with the U.S., ensuring that significant issues are addressed, rather than hastily concluding negotiations.”