1 week Ago By The Korea Herald
US Treasury Secretary Scott Bessent called Wednesday for allies to strengthen their commitments to "shared defense," noting America's provision of security guarantees and "open" markets, as he is set to attend high-profile trade talks with South Korea later this week. Bessent made the remarks during a forum hosted by the Institute of International Finance, a day before he and US Trade Representative Jamieson Greer are set to join South Korea's Finance Minister Choi Sang-mok and Industry Minister Ahn Duk-geun for "two-plus-two" consultations over tariffs and other issues. "I believe global economic relationships should come to reflect security partnerships.
Security partners are more likely to have compatible economies structured for mutually beneficial trade," Bessent said. "It's (that) the United States continues offering security guarantees and open markets (and) then, our allies must step up with stronger commitments to shared defense," he added. He made the remarks as he asserted the need for Europe to make greater security contributions.
But his speech was keenly watched by South Korea and other allies amid lingering speculation that US President Donald Trump might seek a "package" deal that includes defense cost-sharing matters in addition to trade issues. Trump has cast his negotiation approach as "one-stop shopping" -- an expression that has raised the prospects of his administration seeking a broad-based deal that would go beyond trade issues. During Thursday's trade talks between Seoul and Washington, the two sides are expected to discuss new US duties, including 25 percent "reciprocal" tariffs on South Korea, among other issues.
Upon arrival at an airport near Washington, Seoul's Industry Minister Ahn said that the allies' defense cost-sharing issue is not part of the agenda for the upcoming trade talks, while stressing South Korea's aim to remove the US imposition of reciprocal tariffs on the Asian country. The Trump administration started imposing reciprocal tariffs on April 9, only to place a 90-day pause on them hours later -- a reprieve that has given time for countries to negotiate over the new US import taxes and what Trump called "non-tariff cheating" by trading partners. (Yonhap).
