Overview

• U.S. Treasury Secretary Scott Bessent emphasized the link between security partnerships and economic relationships, urging allies to strengthen defense commitments for continued U.S. security guarantees and open markets.
• Bessent and U.S. Trade Representative Jamieson Greer are set to meet South Korea's Finance Minister Choi Sang-mok and Industry Minister Ahn Duk-geun on April 24 for 'two-plus-two' consultations in Washington, D.C.
• South Korea's Industry Minister Ahn Duk-geun stated that defense cost-sharing is not part of the trade agenda and reiterated Seoul's focus on removing the paused 25% reciprocal tariffs imposed by the U.S.
• The 25% tariffs, imposed on April 9 and paused hours later for 90 days, remain a key point of contention as South Korea seeks their removal during the ongoing negotiations.
• Bessent's remarks have fueled speculation about a potential broad package deal that might include defense cost-sharing, though no formal confirmation has been made.