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Korea-U.S. '2+2' trade talks begin, with 25% tariff on the table

Published: 24 Apr. 2025, 21:59

Representatives of the Korean and U.S. governments begin the two countries' trade negotiations on April 24 in Washington D.C. From left are: Trade Minister Ahn Duk-geun, Deputy Prime Minister and Finance Minister Choi Sang-mok, U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer. [MINISTRY OF ECONOMY AND FINANCE]

Korea and the United States on Thursday began a ministerial-level “2+2 trade consultation” in Washington focused on negotiating relief from a wave of tariffs imposed by U.S. President Donald Trump.

According to officials present at the meeting, Deputy Prime Minister and Finance Minister Choi Sang-mok and Minister of Trade, Industry and Energy Ahn Duk-geun began the talks at 8:10 a.m. at the U.S. Treasury Department with U.S. Treasury Secretary Scott Bessent and U.S. Trade Rep. Jamieson Greer.

At the heart of the talks is the sweeping set of tariffs recently announced by Trump.

On March 12, the Trump administration imposed a 25 percent tariff on steel and aluminum. Starting April 3, a separate 25 percent tariff on foreign-made automobiles took effect, followed by the rollout of a 10 percent “universal tariff” on April 5.

These measures apply not only to Korea, but also to all U.S. trading partners.

The 2+2 trade negotiation table between the Korean and United States government begin on April 24 in Washington D.C. [MINISTRY OF ECONOMY AND FINANCE]

In addition, on April 9, the U.S. implemented a new set of differentiated reciprocal tariffs on 57 trade entities (56 countries plus the European Union), including Korea, only to suspend the measures for 90 days — except for China — just 13 hours later.

During this 90-day grace period, Korea is aiming to negotiate the elimination or reduction of the 25 percent reciprocal tariff currently levied on Korean exports.

Choi and other Korean officials are expected to listen to U.S. requests, which likely include efforts to reduce the U.S. trade deficit with Korea. These could involve increased imports of American liquefied natural gas (LNG), cooperation in shipbuilding and the removal of certain nontariff barriers.

With Trump expressing interest in a broad “one-stop shopping” deal that ties together tariffs, LNG imports and defense cost-sharing for U.S. troops stationed in Korea, attention is now focused on whether the U.S. side will put forth any concrete proposals.

President Donald Trump speaks with reporters after signing executive orders in the Oval Office of the White House on April 23, 2025, in Washington. [AP/YONHAP]

Although Korea and the United States had already reached a defense cost-sharing agreement for the period after 2026, it remains to be seen whether Washington will seek a renegotiation of that deal in conjunction with trade talks.

In a speech the day before the meeting, Bessent emphasized that global economic relationships should reflect security partnerships, adding that if the United States continues to provide security and open markets, its allies must show stronger commitment to their shared defense.

The Korean government is considering advancing negotiations as far as possible during this period but ultimately leaving the final decision to the next administration, which will take office after the June 3 presidential election.

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY JUNG SI-NAE [[email protected]]