Koo Yun-cheol, Deputy Prime Minister for the Economy and Minister of the Ministry of Economy and Finance, will depart on the 15th to attend the Group of 20 (G20) finance ministers and Central Bank governors' meetings and other events. Koo has requested a meeting with U.S. Treasury Secretary Scott Bessent for that day, but as of the day before the U.S. trip, the bilateral meeting schedule has not been finalized.
The Ministry of Economy and Finance said on the 14th that Deputy Prime Minister Koo will attend the G20 finance ministers and Central Bank governors' meetings and the International Monetary Fund (IMF) and World Bank (WB) annual meetings to be held in Washington, D.C., from the 15th to the 18th (local time).
However, Koo's U.S. itinerary released by the ministry that day did not include plans for a meeting with the Minister Bessent.
At a National Assembly audit the day before, Koo said, "There is a need to reach a conclusion quickly on tariff negotiations with the United States," and noted, "We have requested a meeting with Minister Bessent on the 15th." However, the United States has not given a definitive reply to the request so far.
The two countries are facing a clear difference of position in tariff negotiations centered on a "$350 billion U.S. investment fund," including on investment methods and revenue sharing. The government's position is that including loans and loan guarantees in the investment method is an issue discussed in previous negotiations, but the U.S. side has instead demanded a "$350 billion cash investment."
As the two sides failed to narrow their positions, the government recently said it presented a revised proposal to the U.S. side. The presidential office said the day before regarding the revised proposal, "It is difficult to disclose specific details of the proposal, but there has been some response from the U.S. side."
However, some observers suggest the United States may be showing discomfort with the revised proposal. The fact that no meeting schedule was set as of the day before Koo's departure is analyzed as a sign of a subtle difference in temperature between the two countries.
During this U.S. trip, Koo plans to meet with the IMF and WB heads and finance ministers of major countries including Canada to discuss global economic issues.
He will also meet James Longsdon, global head of sovereign ratings at Fitch, to explain the new administration's policy direction, and meet Valérie Urbain, chief executive officer (CEO) of Euroclear Group, to review the status of inclusion in the World Government Bond Index (WGBI).