US-South Korea trade talks postponed over Bessent schedule as tariff deadline looms
The two sides will reschedule the meeting between Bessent and South Korean Finance Minister Koo Yun-cheol, as well as the top trade envoys of both countries, as soon as possible, the ministry said.
Koo was set to board a flight for Washington on Thursday to attend the meeting on Friday in the hope of hammering out a deal that would spare Asia's fourth-largest economy from Trump's punishing 25 per cent tariffs set to take effect on Aug 1.
The sudden announcement by the finance ministry an hour before Koo's departure cast fresh doubts about whether Seoul would be able to pull off an agreement to avert US import duties that could hit some of its major exporting industries.
The benchmark Kospi stock index trimmed early gains to trade up 0.7 per cent as of 1.34am GMT (9.34am, Singapore time), as auto and auto parts makers fell on news of the postponed talks, with Hyundai Motor dropping as much as 1.8 per cent.
Washington gave no further details for postponing Friday's meeting, the finance ministry said, though US officials are embroiled in a flurry of different negotiations.
Bessent was set to meet China's Vice Premier He Lifeng in Sweden for a new round of trade talks ahead of the Aug 12 deadline set for Beijing. Washington is also moving towards a deal with the European Union.
Minister for Trade Yeo Han-koo and Industry Minister Kim Jung-kwan, who have travelled to Washington this week, have been meeting with US officials as scheduled, the South Korean government said.
Yeo will hold a meeting with US Trade Representative Jamieson Greer, the industry ministry said.
Pressure on South Korea heightened this week after Japan clinched a deal with the US, which Trump said would see Tokyo allowing greater market access for American products including autos and some agricultural products.
The two major Asian security allies of the US compete in areas such as autos and steel, and Japan's deal was seen by investors as a benchmark for the type of agreement Seoul should try to squeeze out in negotiations, analysts have said.
The involvement of a range of ministerial-level officials from Seoul in broad discussions with US officials in recent days suggested the two sides were at work on a trade package that could potentially involve a range of sectors, including South Korea's sensitive farm markets.
South Korean officials have said access to US markets is key to industrial cooperation between the allies that would help rebuild American manufacturing industries.
Finance ministry officials in Seoul declined to comment on media reports that Washington is asking South Korea to set up a large-scale investment fund in the US to support the reconstruction of its manufacturing industry.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
20 minutes ago
- CNA
Philippines top court strikes down impeachment complaint against VP Sara Duterte
The Philippines Supreme Court has struck down an impeachment complaint against Vice President Sara Duterte. Judges reached a unanimous agreement on Congress violating a constitutional safeguard against multiple impeachments being launched against the same official within a year. Ms Duterte was impeached in February after being accused of graft, corruption and an alleged plot to assassinate President Ferdinand Marcos Jr. She had dismissed the move as politically motivated. Buena Bernal reports from Metro Manila.
CNA
20 minutes ago
- CNA
Thailand warns border clashes with Cambodia could escalate into 'state of war'
Thailand and Cambodia have traded blame over the escalation in border clashes, as the fighting enters its second day. Cambodia's premier has urged its neighbour to accept calls for a ceasefire, while Thailand's acting prime minister has warned that clashes may escalate into a "state of war" as the country defends its sovereignty. The US, China and ASEAN chair Malaysia have made offers to mediate between the parties. Thai authorities said more than 130,000 civilians have been evacuated, while some 1,500 Cambodian families have been told to leave their homes for safety. Saksith Saiyasombut reports from Bangkok.
Independent Singapore
33 minutes ago
- Independent Singapore
DBS partners with Hamilton Lane to provide tailored private assets solution for UHNWs and family offices in Asia
Photo: Depositphotos/TKKurikawa SINGAPORE: DBS has launched a bespoke private assets solution for its ultra-high net worth (UHNW) clients and family offices in Asia through a partnership with global investment firm Hamilton Lane. Private Assets Tailored by Hamilton Lane (PATH) allows qualified investors to build a diversified portfolio made up of private market funds spanning private equity, credit, infrastructure, and real estate, according to a joint press release issued on Wednesday (July 23). Each PATH portfolio is tailored to match the investor's unique investment goals, risk tolerance, and preferences. Since launching a few weeks ago, PATH has already drawn strong interest from clients, the bank said. Shee Tse Koon, group head of consumer banking and wealth management at DBS Bank, said the bank recently closed a mandate with a family office client. Mr Shee noted that client assets under management in private markets have grown nearly fivefold over the past five years, reflecting stronger demand for long-term, resilient investment opportunities beyond public markets. See also By 2022, no more treated water from Singapore - Johor 'With PATH, we are taking this momentum further by offering our clients an investment solution that comes with a level of customisation, transparency, and diversification rarely seen in the private wealth space. More importantly, with a lower entry point compared to traditional institutional structures, PATH also makes private market investing more accessible, allowing more of our clients to participate meaningfully in this asset class,' he added. As of March 31, 2025, Hamilton Lane manages and supervises about US$958 billion in assets worldwide, backed by 34 years of private market experience and data from Cobalt, which tracks over 64,070 funds and 164,490 companies. /TISG Read also: DBS becomes first Singapore-listed company to hit US$100B market capitalisation Featured image by Depositphotos () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
