SEOUL — Talks between top South Korean and US officials to negotiate over US President Donald Trump’s tariffs have been postponed due to a scheduling conflict for US Treasury Secretary Scott Bessent, South Korea’s finance ministry said on Thursday.
The two sides will reschedule the so-called 2+2 meeting between Bessent and South Korean Finance Minister Koo Yun-cheol, as well as the top trade envoys of both countries, as soon as possible, the ministry said.
Koo was set to board a flight for Washington on Thursday to attend the meeting on Friday in the hope of hammering out a deal that would spare Asia’s fourth-largest economy from Trump’s punishing 25 percent tariffs set to take effect on August 1.
The sudden announcement by the finance ministry an hour before Koo’s departure cast fresh doubts about whether Seoul would be able to pull off an agreement to avert US import duties that could hit some of its major exporting industries.
“It might be difficult to reschedule 2+2 again before August 1st, so the best we can do is for the trade chief Yeo to request an extension of the tariff exemption,” said Heo Yoon, international trade professor at Sogang University, referring to Minister for Trade Yeo Han-koo
The benchmark KOSPI stock index trimmed early gains to trade up 0.7 percent as of 0134 GMT, as auto and auto parts makers fell on news of the postponed talks, with Hyundai Motor dropping as much as 1.8 percent.
Washington gave no further details for postponing Friday’s meeting, the finance ministry said, though US officials are embroiled in a flurry of different negotiations.
Bessent was set to meet China’s Vice Premier He Lifeng in Sweden for a new round of trade talks ahead of the August 12 deadline set for Beijing. Washington is also moving towards a deal with the European Union.
Trade minister Yeo and Industry Minister Kim Jung-kwan, who have travelled to Washington this week, have been meeting with US officials as scheduled, the South Korean government said.
Yeo will hold a meeting with US Trade Representative Jamieson Greer, the industry ministry said.
Pressure to match Japan deal
Pressure on South Korea heightened this week after Japan clinched a deal with the United States, which Trump said would see Tokyo allowing greater market access for American products including autos and some agricultural products.
