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

# South Korea and U.S. Launch '2+2 Trade Consultation' The eagerly 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 in 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 started at 8 a.m. local time on October 24, at the U.S. Department of the Treasury in Washington, D.C. Initiated at the request of the U.S., these consultations emphasize the importance of the discussions. Key U.S. officials present include Treasury Secretary Scott Besant and U.S. Trade Representative (USTR) Jamieson Greer. This marks the first time financial and trade ministers from both nations have convened for such discussions since the U.S. trade tariff policies were introduced during the Trump administration. # A Consultative Approach, Not Negotiation This consultation is particularly significant as it serves as the initial high-level talks between the two nations following the U.S. administration's contentious tariff policies. The term "consultation" indicates a forum for exchanging views and exploring mutual interests, rather than concluding specific agreements or demands. Experts predict that much of the dialogue will focus on understanding each side's positions on various trade-related issues, with South Korea seeking to articulate its concerns about U.S. tariff policies. The consultation is viewed as a crucial starting point for shaping the tone of future trade discussions. # Minimizing Impacts of U.S. Tariff Policies South Korea's government has emphasized its primary goal: minimizing the negative effects of U.S. trade policies on its national interests. The agenda is expected to focus on three key areas: trade balance, shipbuilding, and liquefied natural gas (LNG). These topics were highlighted during earlier discussions between South Korean President Yoon Suk-yeol and U.S. President Joe Biden. Upon arriving at Dulles International Airport on October 22, Minister Choi highlighted South Korea’s intent to listen to U.S. concerns while clearly presenting its stance. “By actively engaging with the U.S., we aim to broaden mutual understanding in a way that benefits both sides,” said Choi. # One-On-One Talks and Results Announcement After the 2+2 consultation concludes, Minister Ahn will meet separately with USTR Representative Greer. The results of this follow-up discussion are expected to be announced in South Korea on October 25, at 6 a.m. Korea Standard Time (KST). Choi Sang-mok and Ahn Duk-geun also plan to share insights from these landmark consultations during a scheduled press briefing, providing an overview of the proceedings and outcomes from their one-on-one and group meetings with U.S. counterparts. The 2+2 Trade Consultation is a pivotal moment for both nations in addressing critical economic and trade issues. Financial markets and trade experts will be closely watching the outcomes to gauge the future direction of U.S.-South Korea economic relations.