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Finance Minister Koo likely to meet Bessent in Washington as trade talks stumble

Published: 12 Oct. 2025, 18:51

JIN MIN-JI
jin.minji@joongang.co.kr

Finance Minister Koo Yun-cheol shakes hands with U.S. Treasury Secretary Scott Bessent during their meeting in New York on Sept. 24, 2025, [NEWS1]

Finance Minister Koo Yun-cheol is likely to hold a meeting with U.S. Treasury Secretary Scott Bessent later this week in Washington on the sidelines of international gatherings, a source close to the matter said Sunday, amid little progress over tariff negotiations.

As part of a framework trade deal to lower U.S. tariffs in July, Korea and the United States announced a $350 billion investment package from Seoul in principle. Korea has demanded that the United States establish a bilateral currency swap, saying that Seoul would face a financial crisis if such direct investment in the United States is made without safeguards.

Koo will depart for Washington on Tuesday to attend meetings of the Group of 20 finance ministers and the annual gatherings of the International Monetary Fund, the finance ministry said Sunday.

On the sidelines of the multilateral gatherings, Koo is likely to hold a bilateral meeting with Bessent, according to the source.

Still, the date and agenda of the possible meeting between Koo and Bessent have yet to be confirmed, the source said.

Details of ongoing trade talks between Korea and the United States were still unclear, but Seoul is also said to have requested reasonable flexibility in the proportion of direct investments, as well as a say in the selection of investment destinations to ensure commercial viability.

However, Seoul and Washington have yet to finalize details regarding the investment package and profit-sharing arrangements, and have not yet been able to formalize the agreement into a memorandum of understanding.

Yonhap