Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok (second from left) on April 24 poses for photos with Minister of Trade, Industry and Energy Ahn Dukgeun (left), U.S. Secretary of the Treasury Scott Bessent (third from left) and U.S. Trade Representative Jamieson Greer in their "2+2" trade talks held at the U.S. Department of the Treasury in Washington.

By Charles Audouin
Photos = Ministry of Economy and Finance

Two top Cabinet ministers have requested that the U.S. exempt Korea from reciprocal and item-specific tariffs.

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok and Minister of Trade, Industry and Energy Ahn Dukgeun on April 24 asked for this in a "2+2" trade consultation with U.S. Secretary of the Treasury Scott Bessent and U.S. Trade Representative Jamieson Greer at the U.S. Department of the Treasury in Washington.

In the first such meeting of its kind, both sides confirmed their stances on common interests and positions on U.S. tariff policy and discussed plans for further negotiations.

Minister Choi told a news conference after the talks, "We explained that U.S. imposition of reciprocal and item-specific tariffs could have a negative effect on the bilateral economic partnership and emphasized Korea's need for tariff exemptions and exceptions."

"We reached a consensus to come up with a July Package to abolish tariffs before July 8, when the reciprocal tariff exemption ends, and to discuss four sectors: tariffs and nontariff measures, economic security, investment cooperation and monetary policy."

He added, "We will hold additional high-ranking consultations with Representative Greer, who will visit Korea from May 15 to attend the two-day Asia-Pacific Economic Cooperation meeting for trade ministers."

The first "2+2" trade consultation with the U.S. takes place on April 24 at the U.S. Department of the Treasury in Washington.

In a separate meeting with Representative Greer, Minister Ahn said, "I again asked for the U.S. to exempt all tariffs including reciprocal ones targeting Korea and item-specific tariffs for cars and steel," adding, "In principle, the two sides agreed on a framework for future bilateral consultations."

"To conclude the July Package, both sides agreed to continue working-level talks next week on the methods and range of future consultations."