South Korea says trade talks with U.S. set for this week
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South Korea will meet with the United States in Washington this week to hold trade talks requested by the U.S., according to Reuters. The meetings will take place during the spring gatherings of the IMF and World Bank, and come as tensions around tariffs, exports, and currency volatility continue to build pressure on Korea’s economy. Finance Minister Choi Sang-mok and Trade Minister Ahn Duk-geun are set to lead the Korean delegation. They’ll hold consultations with Trade Representative Jamieson Greer and Treasury Secretary Scott Bessent. The Korean Trade Ministry released the schedule on Sunday. Choi and Ahn are traveling to push back against the 25% “reciprocal” tariff announced by President Donald Trump. That tariff was paused temporarily, but Seoul wants it reduced or scrapped completely before it drags the country’s fragile exports any deeper. The statement didn’t give any full agenda or confirm what else would be discussed. Ahn is leaving for Washington on Wednesday. South Korea’s central bank freezes interest rates, warns growth will fall below forecast South Korea’s central bank, the Bank of Korea (BOK), kept its key policy rate unchanged at 2.75% on Thursday. The bank said it needed more time to observe domestic and global changes, especially with tariffs shifting and stimulus efforts kicking in. This decision matched the prediction from a recent Reuters economist poll. In its monetary statement, the BOK said it was facing high uncertainty and couldn’t make any clear calls on the outlook yet. The bank also warned that economic growth will probably fall below the 1.5% forecast it made in February. The expected drop is tied to slowing exports, weak household demand, and ongoing political instability. On April 15, Korea rolled out a 12 trillion won ($8.45 billion) emergency budget. It included increased support for the semiconductor sector, one of the country’s…
Filed under: News - @ April 20, 2025 11:00 am