Lee Jae-myung's government's first cabinet economic and diplomatic heads will meet ahead of trade negotiations with the United States. They plan to hold a Foreign Economic Ministers' Meeting on the 22nd, just 10 days before the implementation of the U.S. reciprocal tariff, to discuss trade negotiation proposals and major economic policies.
According to the relevant authorities on the 21st, Deputy Prime Minister and Minister of Economy and Finance, Koo Yun-cheol, will preside over the Foreign Economic Ministers' Meeting on the 22nd. It has been reported that the meeting will also include Minister of Trade, Industry and Energy, Kim Jung-kwan, and Minister of Foreign Affairs, Cho Hyun.
This meeting is a procedure for the Ministry of Trade, Industry and Energy to secure a mandate for negotiations with the United States, and inter-ministerial coordination regarding specific negotiation strategies and cards is expected to take place. The Ministry has completed public hearings and reports to the National Assembly as stipulated by the Trade Treaty Act.
Yeo Han-koo, head of the Ministry of Trade, Industry and Energy's trade negotiation headquarters, noted during a press conference on the 14th, "The process of negotiating among relevant ministries domestically and securing the mandate with a negotiation proposal is as important as the negotiations with the United States."
This week, starting with National Security Office Chief Wi Seung-ryeol, a series of visits to the U.S. by economic and foreign ministers are scheduled. Government authorities believe this week will be a 'trade super week.'
Chief Wi departed for the U.S. the previous day to visit Washington, D.C. He boarded a flight to the U.S. again on the 11th, after meeting with U.S. Secretary of State and National Security Advisor Marco Rubio during his previous visit from the 6th to the 9th of this month.
Recently, U.S. President Donald Trump stated, "South Korea should bear its own defense costs," raising the possibility that the issue of the stationing costs of U.S. troops in Korea could also be on the agenda for tariff negotiations.
Deputy Prime Minister Koo and Ministers Kim Jung-kwan and Yeo Han-koo, as well as Minister Cho, also plan to visit the U.S. soon. Currently, diplomatic authorities are coordinating schedules so that Minister Koo and either Minister Kim or Deputy Minister Yeo can conduct '2+2 trade negotiations' with U.S. Treasury Secretary Scott Bessent and Secretary of Commerce Howard Lutnick this week.
Minister Koo spoke with reporters right after his inauguration, stating, "We are discussing how to negotiate with the United States" and added, "We will quickly meet with the U.S. side to explain Korea's position and seek understanding."
Currently, there are a total of 14 countries that President Trump has warned will face tariffs starting on the 1st of next month. Consequently, it is expected that negotiations between various countries to reduce tariffs will continue in Washington this week. Ryohei Akazawa, Japan's trade negotiation representative, also mentioned on the 19th, "There was no discussion of tariffs at the Osaka Expo luncheon," and indicated that ministerial negotiations could be held as early as next week (during the week of the 21st).
Multiple government officials stated, "As the deadline for imposing tariffs is August 1st, our team is also likely to visit the U.S. this week," adding, "We are currently underway with coordination and negotiation proposals among relevant ministries."
The Ministry of Trade, Industry and Energy is discussing its negotiation cards with relevant ministries regarding negotiations with the U.S. The Ministry stated, "We are consulting with several departments, including the Ministry of Agriculture, Food and Rural Affairs."
Minister Kim Jung-kwan convened an urgent meeting to review trade and collect opinions from the private sector, among others, proceeding to gather feedback from interested parties before negotiations. The meeting included leaders from associations related to automobiles, semiconductors, batteries, bio, and steel, alongside officials from the Korea Rural Economic Institute and the Korea Institute for International Economic Policy (KIEP) who conveyed industry concerns.
Attention is also focused on whether a Korea-U.S. summit between President Lee Jae-myung and President Trump will take place. The decision on whether to hold the summit is expected to be finalized through discussions between Deputy Minister Wi Seung-ryeol and Minister Rubio.
Internally, the government has been coordinating schedules aiming for a Korea-U.S. summit at the end of this month; however, with President Trump's visit to Scotland scheduled for the 25th to 29th of this month, there are growing speculations that the summit before August 1st may have been effectively canceled.
In this regard, a government official stated, "Looking at countries that have successfully concluded negotiations with the U.S., it has often not been necessary to finalize agreements at presidential summits," and added, "I hope that discussions at the presidential office and at the ministerial level proceed smoothly."