The planned “2+2” meeting between the finance and trade chiefs of Korea and the U.S., scheduled for July 25 (local time) in Washington, was abruptl...
Deputy Prime Minister and Finance Minister Koo Yoon-cheol turns back with a grim expression at Incheon International Airport on July 24, after the Korea-U.S. “2+2” high-level trade talks were abruptly postponed at the request of the U.
S. / Reporter Seong Dong-hoon The planned “2+2” meeting between the finance and trade chiefs of Korea and the U.S., scheduled for July 25 in Washington, was abruptly postponed at the request of the U.S. The sudden delay follows Washington’s recent tariff agreement with Japan on July 22, and its ongoing final-stage negotiations with the European Union and China, prompting concerns in Seoul that Korea may be slipping down the list of U.S. trade priorities. No new date for the talks has been set, leading to speculation that Korea has been pushed back in the negotiation queue. Even National Security Advisor Wi Sung-lak, who recently visited Washington, was unable to meet U.S. Secretary of State Marco Rubio in person and had to settle for a phone call. In a press notice issued at 9:28 a.m. on the 24th, the Ministry of Economy and Finance said, “The scheduled Korea-U.S. ‘2+2 Talks’ on July 25 cannot be held due to an urgent scheduling conflict for U.S. Treasury Secretary Scott Bessent.” The planned participants included Korean Deputy Prime Minister and Finance Minister Koo Yoon-cheol and Trade Minister Yeo Han-koo, as well as Bessent and U.S. Trade Representative Jamieson Greer. The U.S. cancellation notice came via email around 9 a.m., just an hour and 25 minutes before Deputy Prime Minister Koo was set to depart the country. Upon receiving the urgent message, he turned back at Incheon International Airport. The MOEF said that “the U.S. side expressed regret multiple times and suggested rescheduling the talks as soon as possible,” adding that both sides are working to set a new date promptly. The sudden postponement has fueled speculation that Korea has been deprioritized, as the U.S. concentrates its negotiation efforts on the EU and China. National Security Advisor Wi, who traveled to the U.S. on July 20, was waiting at the White House on the 21st for a meeting with Secretary of State Rubio when it was canceled due to an urgent call from President Donald Trump. On July 22, Rubio was again unavailable due to his attendance at a U.S.-Philippines summit, forcing Wi to conduct the discussions via phone. “Secretary Rubio apologized three times, saying he couldn’t attend due to the president’s sudden summons,” Wi said, adding that the phone consultation was “sufficiently thorough.” On the same day, The Wall Street Journal and Financial Times reported that the U.S. and EU were close to reaching a trade deal that would impose a 15 percent tariff on EU imports. U.S. Treasury Secretary Bessent is also scheduled to meet Chinese Vice Premier He Lifeng in Stockholm, Sweden, on July 28 and 29 for a third round of high-level talks. There is a high chance the U.S. and China will agree to extend their reciprocal tariff suspension, which expires August 12. This has put the Korean government in a tight spot. While it is trying to reschedule the talks before July 31, the risk of missing the deadline remains. Experts warn that the later the negotiations are held, the more likely Korea will be bound by precedents set by earlier agreements with other countries. The US$550 billion in investment that Japan pledged to the U.S. is reportedly a combined total of corporate investments, from firms such as SoftBank, and funding from government-affiliated financial institutions, including equity and loans from JBIC . 경제 많이 본 기사 Korea is also looking to leverage its major conglomerates’ U.S. investment plans and policy banks like the Export-Import Bank of Korea, the Korea Development Bank, and Korea Trade Insurance Corporation. However, the total scale is unlikely to match Japan’s, raising questions about whether it can satisfy Washington. Additionally, further opening of the Korean rice and beef markets would also be difficult given its internal circumstances. Experts warn that the delay may be a pressure tactic from the U.S. “Postponing the talks doesn’t work in Korea’s favor,” said Nam Si-hoon, a professor of international trade at Myongji University. “We must offer something Trump can boast about while minimizing the damage to our interests.”
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