South Korea, U.S. Commence First Ministerial Talks on Trump Tariffs with Choi Sang-mok, Ahn Deok-geun Present

# South Korea and U.S. Launch '2+2 Trade Consultation' The much-awaited '2+2 Trade Consultation' between South Korea and the United States has officially commenced. South Korea's Deputy Prime Minister and Minister of Economy and Finance, Choi Sang-mok, and Minister of Trade, Industry and Energy, Ahn Duk-geun, are engaging in pivotal discussions with their U.S. counterparts, marking a significant milestone in bilateral trade relations. # High-Level Meetings in Washington, D.C. According to South Korea's Ministry of Economy and Finance, the talks began on October 24 at 8 a.m. local time, at the U.S. Department of Treasury in Washington, D.C. The U.S. initiated this meeting, underscoring the importance of these discussions. Key U.S. officials participating include Treasury Secretary Scott Besant and U.S. Trade Representative (USTR) Jamieson Greer. This meeting marks the first congregation of financial and trade ministers from both nations since the inception of U.S. trade tariff policies during the Trump administration. # A Consultative Approach, Not Negotiation This consultation is especially significant as it represents the first high-level talks following the implementation of the U.S. administration's controversial tariff policies. The use of the term “consultation” implies an exchange of views and exploration of mutual interests, rather than finalizing specific agreements or demands. Experts believe the discussions will primarily involve understanding each side's stance on various trade-related issues, with South Korea seeking to clarify its concerns about U.S. tariff policy directions. This consultation is seen as a critical starting point for shaping future trade discussions. # Minimizing Impacts of U.S. Tariff Policies The South Korean government has emphasized that its primary goal is to minimize the negative impacts of U.S. trade policies on its national interests. The discussions are expected to focus on three major areas of mutual interest: trade balance, shipbuilding, and liquefied natural gas (LNG). These topics were highlighted in earlier conversations between South Korean President Yoon Suk-yeol and U.S. President Joe Biden. Upon his arrival at Dulles International Airport on October 22, Minister Choi underscored South Korea’s intent to listen closely to U.S. concerns while articulating its own position clearly. “By actively engaging with the U.S., we aim to broaden the scope of mutual understanding in a way that benefits both sides,” Choi stated. # One-On-One Talks and Results Announcement After the 2+2 consultation concludes, Minister Ahn will hold a separate meeting with USTR Representative Greer. The results of this follow-up discussion will be announced in South Korea on October 25, at 6 a.m. Korea Standard Time (KST). Choi Sang-mok and Ahn Duk-geun plan to share insights from the landmark consultations during a scheduled press briefing, offering an overview of the proceedings and outcomes from their meetings with U.S. counterparts. The 2+2 Trade Consultation marks a pivotal moment for both nations in addressing key economic and trade issues. Financial markets and trade experts will be closely monitoring the results to gauge the future trajectory of U.S.-South Korea economic relations.