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Investing.com-- High-level talks between South Korea and the United States were canceled due to scheduling conflicts for U.S. Treasury Secretary Scott Bessent, South Korea’s Ministry of Finance said on Thursday.
The two sides will reschedule the meeting as soon as possible, the ministry said, as Seoul races to secure a trade deal that will prevent the imposition of steep U.S. trade tariffs from August 1.
U.S. President Donald Trump outlined a 25% tariff on South Korea earlier in July.
South Korean Finance Minister Koo Yun-cheol was set to meet Bessent in Washington on Friday for extended, high-level trade talks.
South Korea’s trade minister Yeo Han-koo and Minister of Industry Kim Jung-Kwan have been meeting with U.S. officials in Washington as scheduled, South Korea’s finance ministry said.
Hopes for a South Korean trade deal grew after Japan clinched a U.S. trade deal on Wednesday, which will see the country subject to 15% tariffs. The figure is lower than the 25% initially threatened by Trump.