Seoul: Finance Minister Koo Yun-cheol announced plans to engage in "2+2" high-level trade talks with the United States later this week. The discussions are scheduled in anticipation of the approaching August 1 deadline for bilateral negotiations concerning the U.S.' extensive tariff measures.

According to Yonhap News Agency, Koo and Trade Minister Yeo Han-koo will travel to Washington for the talks on Friday, which will include U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer. The goal of these discussions is to address the U.S.'s planned implementation of 25 percent reciprocal tariffs on South Korean products starting August 1. This is in addition to existing sectoral tariffs, which include 25 percent duties on auto and steel imports.

Furthermore, Koo indicated that the South Korean foreign minister and industry minister are also expected to travel to the United States this week. Their objective is to meet with their American counterparts to persuade Washington to reconsider the impending tariff measures.