On the 31st (local time), the meeting schedule between Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol and U.S. Treasury Secretary Scott Bessent in Washington, D.C., was canceled.
The Ministry of Economy and Finance explained, "The meeting scheduled for the morning of the 31st between Deputy Prime Minister Koo and Minister Bessent was canceled as both sides agreed to do so since the trade negotiations were completed and they exchanged greetings today while discussing trade at the White House."
On that day, Deputy Prime Minister Koo and the delegation negotiating in the U.S. met with U.S. President Donald Trump and finalized the Korea-U.S. trade agreement. Initially, there were expectations in the government that the final agreement would be reached after the meeting between Deputy Prime Minister Koo and Minister Bessent on the 31st, but negotiations were wrapped up a day earlier.
Deputy Prime Minister Koo had completed the trade negotiations but intended to proceed with the Korea-U.S. Treasury Secretary meeting scheduled for the 31st. Regarding this, a Ministry of Economy and Finance official noted, "The significance lies in the meeting between the finance ministers of the two countries apart from trade."
However, it seems that a consensus formed on both sides that there was no need to hold the ministerial meeting, given that they had planned to meet for trade negotiations and had already reached an agreement.
For Minister Bessent, there is a need to negotiate with other countries ahead of the mutual tariff imposition date on August 1. Deputy Prime Minister Koo, who departed earlier than initially planned, is also expected to return home early to report the results of his visit to President Lee Jae-myung.