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US Treasury Secretary Scott Bessent speaks at an event held at the Fed. (EPA/Yonhap)

The South Korean government is going all-in on its tariff negotiations with the US ahead of the upcoming Asia-Pacific Economic Cooperation forum in Gyeongju at the end of the month, sending senior officials, including the presidential office’s policy director and finance minister, to Washington in an effort to finalize a trade deal with the US at the APEC summit.
 
US Treasury Secretary Scott Bessent’s recent comment that he believes the US is about to “finish up” trade talks with Korea is also drawing attention to these last-minute negotiations.

The presidential office and the Trade, Energy and Industry Ministry confirmed Wednesday that President Lee Jae Myung’s chief policy director, Kim Yong-beom, was set to fly to the US for follow-up tariff negotiations on Thursday alongside Industry and Trade Minister Kim Jung-kwan. 

Presidential office spokesperson Kang Yu-jung announced in a briefing that Kim Yong-beom was scheduled to meet with US Secretary of Commerce Howard Lutnick to “negotiate the financial package tied to tariff negotiations,” while also meeting with high-ranking figures in the US administration.
 
Finance Minister Koo Yun-cheol and Trade Minister Yeo Han-koo have also already departed for the US. After leading the tariff negotiations during Lee’s visit to the US in late August, the four officials are banding together as a team three months later to finalize those negotiations. 

“Despite a very busy schedule, I believe that I will meet with the US secretary of the Treasury multiple times. I will ensure to give a detailed explanation of South Korea’s situation,” Koo told reporters at Incheon International Airport before his departure Wednesday. 

Economy and Finance Minister Koo Yun-cheol heads to his gate at Incheon International Airport on Oct. 15, 2025, as he departs for the US to attend a meeting of finance ministers and central bank governors from Group of 20 nations and the annual meetings of the World Bank Group and the International Monetary Fund. (Yonhap)

 
The administration’s goal is to put a bow on tariff negotiations with the US ahead of the APEC summit so that Lee can seal the deal while meeting with US President Donald Trump, who will arrive in Korea on Oct. 29. 

The administration seeks to once and for all resolve the key obstacle in negotiations, namely, the disagreements over the specifics of Korea’s pledge to create a US$350 billion fund for investment in the US. While the US contends that the fund should take the form of a direct cash infusion, Korea is wary of the consequences that such an outflow of cash will have on its foreign currency market and has asked that most of the investment be made in the form of financial guarantees while also requesting an unlimited currency swap.
 
After months of impasse, negotiations between the two sides now seem to be making progress. 

“Since the opportunities for the two leaders to meet and discuss issues are so few and far between, a big goal of the APEC summit is to conclude negotiations,” Kim Yong-beom remarked in an interview with the economics-focused YouTube channel 3ProTV.

“In the past two weeks, the US has shown quite a meaningful response to the revised proposal we sent, and, in turn, has sent us a new proposal too. I believe that we have made meaningful progress,” he said. 

National security adviser Wi Sung-lac also recently commented in a press conference that the delegation was setting off to the US to achieve “substantive progress.”
 
Bessent also made an appearance on CNBC on Wednesday morning (local time), acknowledging that “more announcements” regarding trade negotiations will be made during Trump’s trip to Asia. Regarding trade talks with South Korea, he stated, “I think we are about to finish up.”
 
Rhetoric from both Korean and American officials suggests that the two sides are feeling positive about the outcome of their negotiations. Despite such optimism, it seems far too early to predict the direction the talks will go in. 

“It is true that, during Kim Jung-kwan’s US visit, the US and South Korea discussed their respective positions, but we have yet to adopt any specific approach. At this stage, we are aware of the thought processes behind each other’s decisions. Based on that knowledge, we will reorganize our approaches and explore possibilities,” Wi stated.

Shortly after Bessent’s interview aired, the presidential spokesperson’s office also reiterated that the Korean delegation’s trip to Washington “demonstrates our commitment to achieving substantive progress in the tariff negotiations. As we have always emphasized, we are not rushing to meet a deadline. We will consult with the US while always prioritizing the interests of our country.”

By Shin Hyeong-cheol, staff reporter; Lee Bon-young, senior staff writer; Jung Yu-gyung, staff reporter

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