South Korea’s Deputy Prime Minister and Minister of Economy and Finance Koo Yun‑cheol (Photo courtesy of Yonhap News)

 

 

[Alpha Biz= Kim Jisun] Seoul, South Korea — July 28, 2025 — South Korea’s Deputy Prime Minister and Minister of Economy and Finance Koo Yun‑cheol will depart for Washington, D.C. on July 29 to hold critical trade negotiations with U.S. Treasury Secretary Scott Bessent, the Ministry of Economy and Finance (MOEF) announced today.



According to MOEF, Deputy Prime Minister Koo is scheduled to meet Secretary Bessent on July 31 (local time) for bilateral talks, underscoring South Korea’s commitment to making a final push for an agreement before the expiration of the reciprocal tariff suspension period.



“Deputy Prime Minister Koo will leave for Washington tomorrow (July 29) to meet Secretary Bessent on July 31 and will dedicate the remaining days on site to fully engage in trade negotiations,” the ministry said in a briefing to reporters.



Background
Koo was previously slated to visit the U.S. on July 25 for a “2+2 dialogue” with Secretary Bessent, South Korea’s Trade Minister Yeo Han-koo, and U.S. Trade Representative Jamieson Greer. That trip was canceled at the last minute due to Secretary Bessent’s urgent scheduling conflict.



Instead, Koo will now hold bilateral negotiations directly with Secretary Bessent, with the talks seen as a last opportunity to avert a potential escalation in trade measures.



Timing & Significance
The meeting takes place on the final day of the tariff suspension window, adding urgency to the discussions as both countries seek to avoid triggering mutual 25% tariffs on key imports.

 

 

 

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