Bessent Announces Upcoming US-South Korea Trade Talks, Highlights 'First Mover Advantage'
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Synopsis
Treasury Secretary Scott Bessent has announced that the US will hold trade negotiations with South Korea next week. He emphasized the importance of the 'first mover advantage' as countries seek to mitigate the effects of Trump's tariff policies.
Key Takeaways
- Upcoming trade talks with South Korea and Japan.
- Bessent highlights 'first mover advantage' for early negotiators.
- Trump's tariffs have prompted countries to seek agreements quickly.
- Potential for multiple countries to reach preliminary agreements.
- Focus on several nations including South Korea, Britain, and Japan.
Washington, April 15 (NationPress) The United States is set to initiate trade talks with South Korea next week, as stated by Treasury Secretary Scott Bessent, who emphasized the first mover advantage amid countries seeking to establish agreements with the US to mitigate the effects of President Donald Trump's tariff policies on their economies.
In an interview with Bloomberg, Bessent discussed the upcoming negotiations with both South Korea and Japan. Earlier this month, Trump enacted significant reciprocal tariffs on these two allies, as well as numerous other nations, though he subsequently imposed a 90-day suspension on these tariffs, according to the Yonhap news agency.
“We had Vietnam last week. We have Japan on Wednesday. ... South Korea next week,” he noted. “So it's going to progress quickly.”
The secretary highlighted the potential first mover benefits, as Japanese Prime Minister Shigeru Ishiba remarked in parliament on Monday (Tokyo time) that Japan is unwilling to make concessions merely to expedite tariff discussions with the US.
“I believe there will be an advantage for our allies, particularly for the first mover,” he stated. “Typically, the initial party to finalize a deal secures the most favorable terms.”
When questioned about which nation might be the first to finalize an agreement, Bessent replied, “It’s up to them.”
In response to inquiries regarding whether he anticipates reaching deals with a select number of countries before the 90-day suspension on reciprocal tariffs concludes, he indicated there could be “multiple” nations involved.
“It may not be the finalized trade document, but we will achieve an agreement in principle and be able to advance from that point,” Bessent remarked.
His comments fueled media speculation that due to time constraints and logistical challenges, the Trump administration may pursue ad hoc agreements or written commitments regarding what it describes as fair and reciprocal trade, which would not equate to comprehensive trade agreements.
Meanwhile, The Wall Street Journal reported that Bessent is focusing on South Korea, Britain, Australia, India, and Japan as key targets for new trade agreements.
Citing sources familiar with the matter, the newspaper mentioned that these nations are on his priority list, and he has been in dialogue with officials from these trading partners.
