US Treasury "Negotiations with Korea are going very well... Will negotiate quickly with each country"

On the 28th (local time), Scott Besent, the United States Secretary of the Treasury, is interviewed at the White House in Washington DC (Source: AP)

The United States Secretary of the Treasury, Scott Besent, assessed that trade negotiations with Korea are progressing positively. In an interview with CNBC on the 28th (local time), Secretary Besent stated, "Negotiations with Korea are going very well," and mentioned, "We are also continuing substantial consultations with Japan."

The Trump administration imposed mutual tariffs on 57 economic entities, including Korea, on the 9th of this month, but postponed it for 90 days, 13 hours after it went into effect. Thereafter, the United States started negotiations to address tariff and trade deficit issues with various countries, and Secretary Besent attended the Korea-U.S. 2+2 trade consultation held in Washington DC on the 24th.

Particularly, this statement is interpreted as showing a positive response to Korea's proposal for a comprehensive agreement, known as the 'July Package', which includes tariffs, trade, and industrial cooperation, before the expiration of the grace period on July 8 with the United States. However, Secretary Besent did not provide specific grounds for evaluating that negotiations with Korea are going well.

Secretary Besent also pointed out India as the country most likely to reach the first agreement among the trade negotiations being pursued by the United States. He predicted, "I think the agreement with India will be the fastest."

In a separate interview with Fox News, he emphasized that President Donald Trump will be closely involved in negotiations with 15 to 18 major trading partners. He stated, "China will be temporarily excluded as a negotiation target due to no response, and we will proceed with negotiations with other countries at a very fast pace." He continued to explain, "Many Asian countries are preparing top-level alternatives to solve the trade imbalance issue."

Secretary Besent took a cautious attitude regarding negotiations with China. He said, "I believe it is difficult for China to continue the high tariff conflict," and "Someday they will request negotiations first." He also added, regarding concerns about supply disruptions of goods within the United States, "Excellent retailers would have prepared in advance, and, if necessary, will find alternative suppliers."

Meanwhile, Secretary Besent plans to provide a briefing on overall economic policies, including tariff policies, to mark the 100th day of the second term of the Trump administration on the 29th.