U.S. Treasury, 'Progress in tariff negotiations with Korea… Strong willingness to settle before the election'
Scott Besant U.S. Treasury Secretary (Source: Newsis)
On the 29th, marking the 100th day of Donald Trump's presidency, at a press conference held at the White House, U.S. Treasury Secretary Scott Besant stated that tariff negotiations with korea are progressing smoothly. He mentioned, “The outlines of negotiations with Korea are taking shape,” expressing satisfaction with discussions with Korea once again following the previous day.
On this day, Secretary Besant responded to questions about the progress of tariff negotiations with asian countries like korea, Japan, and India, saying, “They are ahead in negotiations,” mentioning korea first. He particularly emphasized the positive progress achieved when J.D. Vance Vice President met with Prime Minister Narendra Modi in India last week, predicting an announcement related to India soon.
Earlier, Korea proposed a ‘July Package’ aiming for the abolition of mutual tariffs on a per-item basis by July at the Korea-U.S. 2+2 Trade Talks on the 24th, requesting U.S. support. The Korean side explained to the U.S. that domestic political schedules should be considered during the negotiation process, and Secretary Besant repeatedly expressed that the consultations were generally satisfactory.
Some raised concerns that due to the election schedules in korea and Japan, reaching a substantial agreement within the 90-day mutual tariff grace period may be difficult. Against this, Secretary Besant refuted, saying, “Rather, it’s the opposite,” emphasizing, “The governments we are in contact with want to conclude the framework of trade agreements before the elections intensify.” He interpreted this as “to give a message to their voters that they have successfully led negotiations with the U.S.”
Secretary Besant further stated, “It is clear that these governments are trying to maximize results at the negotiating table for political use,” emphasizing the possibility of an early agreement.
Meanwhile, he avoided specific mentions when asked about tariff negotiations between the U.S. and china. However, he emphasized the necessity of swift negotiations, stating “The current situation is unsustainable.” Secretary Besant remarked, “I won’t specify who is negotiating with whom,” yet added, “China will also recognize that the current tariff structure cannot be sustained.”
Although he previously stated that the tariff war between the U.S. and china was long-term detrimental to the U.S., on this day he slightly adjusted his remarks focusing the direction towards china, stating, “It is unsustainable on the part of china.” This is interpreted as a message intending to highlight that the U.S. holds a favorable position in the U.S.-china negotiations.