South Korea, US to hold '2+2' trade consultation of finance, trade ministers

Seoul, April 20 (IANS) South Korea and the United States will hold "two plus two" tariff negotiations in Washington this week, involving the countries' finance and trade ministers, the Seoul government said on Sunday.

From Seoul, Finance Minister Choi Sang-mok and Trade Minister Ahn Duk-geun will lead the negotiations, while U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer will be in charge of the U.S. side, according to the government.

The government said the upcoming tariff talks were proposed by Washington and the two sides are discussing details of the schedule and agenda of the meeting, reports Yonhap news agency.

Meanwhile, Duk-geun said on Sunday he will put priority on consultations instead of making a hasty deal in high-level tariff talks between Seoul and Washington.

In a TV programme by Korea Broadcasting System, the minister added a Korean delegation, likely to visit the U.S. this week for tariff negotiations, will take a cautious approach in the upcoming talks.

"We will focus on resolving pending issues reciprocally for mutual benefits as there are things that need to be checked rather than hastily wrapping up a deal," he said.

The minister said the Korean delegation will make utmost efforts to secure an exemption from U.S. tariffs on automobiles and semiconductors, the country's two key export items to the United States.

U.S. President Donald Trump imposed country-specific reciprocal duties on around 60 countries, including 25 percent tariffs for South Korea.

The duties have been suspended for 90 days, allowing the subjected countries, except for China, to engage in negotiations with Washington.

South Korea is among the five preferred nations designated by the U.S. for tariff negotiations. The remaining four are Britain, Australia, Japan and India.

"The Trump government's tariff policies are not over yet. Tariffs are expected to remain major issues throughout his entire second term. Given this, the government needs to continue to have negotiations over tariffs," he said.

As for a possible inclusion of the cost of stationing the U.S. Forces Korea (USFK) in the talks, the minister said the U.S. government has made no such request.

Government agencies in charge of talks on defence cost sharing will respond should the U.S. side make such a request, Ahn added.

—IANS

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