Koo Yooncheol Heads to Washington for July 31 Talks: "Will Pursue a Korea-U.S. Win-Win Deal Centered on National Interests" (Update)

by Jo Youjin

Published 29 Jul.2025 09:56(KST)

Updated 30 Jul.2025 08:18(KST)

Deputy Prime Minister and Minister of Economy and Finance Koo Yooncheol is answering reporters' questions just before departing for the United States through Incheon International Airport Terminal 2 on the 30th. Deputy Prime Minister Koo said, "We will do our best to prepare a negotiation plan that can achieve mutual growth centered on national interests such as the shipbuilding industry." Photo by Yoon Dongjoo

Deputy Prime Minister and Minister of Economy and Finance Koo Yooncheol departed for the United States on July 29 for his first official visit since taking office, aiming to negotiate tariffs with the U.S.

Deputy Prime Minister Koo left on a Korean Air flight at around 10:25 a.m. for a three-day, two-night trip, during which he will engage in final negotiations in the U.S. to lower tariff rates.

Before his departure, Koo stated, "I will thoroughly explain the programs Korea is preparing and Korea's current situation, and will engage in in-depth consultations on areas where Korea and the U.S. can cooperate in the long term, such as the shipbuilding industry."

He added, "I will do my utmost to ensure that a mutually beneficial agreement, centered on national interests, can be reached between Korea and the U.S."

This visit comes just three days before the August 1 deadline set by U.S. President Donald Trump for the imposition of reciprocal tariffs.

On July 31, Deputy Prime Minister Koo is scheduled to hold a bilateral meeting in Washington, D.C. with U.S. Treasury Secretary Scott Besant to discuss trade measures aimed at reducing the 25% tariff imposed by the U.S.

This round of negotiations, conducted in a bilateral format, is intended to finalize the agreement that has been negotiated by Minister of Trade, Industry and Energy Kim Jungkwan and Trade Negotiation Head Yeo Hankoo. As the talks are taking place just one day before the deadline, they are expected to serve as the final round of negotiations.

The negotiation table is expected to include issues such as a shipbuilding cooperation plan worth tens of trillions of won, the scale of Korean investment in the U.S., and further market openings for agricultural and livestock products such as beef over 30 months old and rice.

While the Korean government is reportedly proposing an investment of $100 billion plus alpha in the U.S., the U.S. side is suggesting an investment of $400 billion, drawing attention to whether the gap can be narrowed.

Deputy Prime Minister Koo is said to have arrived in the U.S. two days before the meeting to assess the local situation and devise a response strategy through meetings with Korean trade officials who have been conducting discussions with the U.S.