Key facts
- South Korean Finance Minister Koo Yun-cheol canceled his planned trip to the U.S.
- The purpose of the trip was to attend the G20 Finance Ministers and Central Bank Governors Meeting.
- Scheduled sideline meetings with U.S. officials, including Treasury Secretary Scott Bessent, were also canceled.
- Vice Finance Minister Lee Hyoung-il was named finance minister in a cabinet reshuffle.
South Korean Finance Minister Koo Yun-cheol canceled his planned trip to the United States to attend an upcoming Group of 20 (G20) meeting without giving a reason. Koo had arrived at Incheon International Airport to depart for the G20 Finance Ministers and Central Bank Governors Meeting, scheduled for Monday in Asheville, North Carolina, but canceled his trip at the last minute. Scheduled talks with senior U.S. government officials, including Treasury Secretary Scott Bessent, on the sidelines of the G20 meeting were also canceled. The cancellation was reportedly unrelated to any circumstances involving the Ministry of Finance and Economy or the G20. Subsequently, South Korea's Presidential Office named Vice Finance Minister Lee Hyoung-il as finance minister in a cabinet reshuffle.