Korea and the United States decided to postpone the 'Korea-U.S. 2+2 Trade Consultation' originally scheduled for the 25th.
Kang Young-kyu, spokesperson for the Ministry of Economy and Finance, noted on the 24th through a press release that 'the 2+2 negotiations originally scheduled for July 25 with the United States could not take place due to the urgent schedule of U.S. Treasury Secretary Scott Bessent.' He added, 'The U.S. side proposed to hold the negotiations as soon as possible, and both sides plan to set a schedule at the earliest opportunity.'
Currently visiting the U.S., Minister of Trade, Industry and Energy Kim Jeong-kwan and Yeo Han-koo, head of the Trade Negotiation Headquarters, are expected to proceed with discussions with the U.S. side as initially planned.
The two countries were scheduled to hold a 2+2 ministerial meeting on finance and trade in Washington, D.C. on the 25th. From the Korean side, Deputy Prime Minister and Minister of Economy and Finance Ku Yun-cheol and Trade Negotiation Headquarters head Yeo Han-koo were to attend, while from the U.S. side, Secretary of the Treasury Bessent and Jamieson Greer, representative of the United States Trade Representative (USTR), were to participate.
Deputy Prime Minister Ku, who was scheduled to depart that morning, was reportedly turned back while heading to Incheon Airport.
Meanwhile, as the United States and Japan recently reached a tariff agreement, the burden on the Korean government is increasing. Japan agreed the day before to lower the 25% reciprocal tariff and the tariff on automotive items imposed by the U.S. to 15%.
Concerns have been raised that if Korea cannot reduce automotive tariffs to this level, it will lose price competitiveness against Japanese cars.
Japan decided to invest $550 billion (758 trillion won) in the U.S. in exchange for lowering the tariff rate. Japan had initially proposed creating an investment fund worth $300 billion, but this grew to $400 billion during negotiations, reportedly increased spontaneously on site.
Japan is also reported to have promised large-scale investments in the Alaska liquefied natural gas (LNG) project, a focus of the Trump administration. A significant portion of Japan's investment in the U.S. is expected to be allocated to the Alaska LNG project. Observations have arisen that the U.S. may propose Korean participation in the LNG project.