Korea's new finance minister pledges swift tariff talks with US

By Kim Dong-young Posted : July 21, 2025, 16:23 Updated : July 21, 2025, 17:32
Minister of Economy and Finance Koo Yun-cheol gives a speech on his inauguration day in the Government Complex Sejong July 21 2025 Courtesy of the Ministry of Economy and Finance
Minister of Economy and Finance Koo Yun-cheol gives an inauguration speech in the Government Complex Sejong, July 21, 2025. Courtesy of the Ministry of Economy and Finance
 
SEOUL, July 21 (AJP) - South Korea’s newly appointed Deputy Prime Minister and Finance Minister, Koo Yun-cheol, pledged on Monday to move swiftly in pursuing tariff negotiations with the United States, citing national interests and practical outcomes as top priorities.

Speaking at his inaugural press briefing at the Government Complex in Sejong, Koo emphasized the urgency of the talks, which come amid a fast-approaching deadline for a proposed mutual tariff suspension by Washington.

“We are coordinating with the United States,” Koo said in response to questions about a potential visit to Washington. “Once arrangements are finalized, I will meet with them as soon as possible to explain Korea's situation and seek understanding for successful tariff negotiations that serve our national interests.”

South Korean officials are under mounting pressure to reach an agreement before the August 1 deadline floated by the U.S. According to government sources, Koo could travel to Washington as early as this week in a bid to meet the timeline.

During his visit, Koo is expected to meet with U.S. Treasury Secretary Scott Bessent, with discussions likely to center on trade policy, foreign exchange issues and broader economic cooperation between the two allies.

At home, Koo named taming inflation as his most pressing domestic challenge, pointing in particular to rising consumer prices driven by recent flood damage across the country.

Earlier in the day, in a meeting with ministry officials, Koo urged public officials to act as “core employees of Korea Inc.,” encouraging them to embrace a problem-solving ethos and to build trust with the public through responsive and efficient service.

He also promised incentives for civil servants who put forward innovative ideas with measurable impact, and committed to cutting back on formalities such as face-to-face reporting. He also added that artificial intelligence would be increasingly integrated into ministry operations.

“I want to create an environment where any staff member, regardless of rank, can contribute ideas directly to leadership,” Koo said.
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