South Korea seeks mutually agreeable US trade package as Aug 1 tariff deadline looms
The package will include shipbuilding cooperation, a sector of high interest to US Commerce Secretary Howard Lutnick, who discussed the matter with South Korea's Industry Minister Kim Jung-kwan on Friday, it said in a statement.
Friday's meeting was a follow-up to a meeting on Thursday, where Lutnick and Kim reaffirmed their commitment to reach a trade deal by Aug 1, after a joint meeting of finance ministers and top trade envoys that had been scheduled for Friday was postponed.
South Korea, facing 25 per cent tariffs, is rushing to reach a trade deal with Washington, with National Security Adviser Wi Sung-lac visiting the US recently for high-level talks and Minister for Trade Yeo Han-koo also in the US for negotiations, as pressure grows on officials to clinch a deal that is no worse than Japan's that cut tariffs to 15 per cent.
South Korea's trade negotiations with the US have included non-tariff barriers in the agricultural and digital service sectors, but foreign exchange has not been part of trade talks beyond usual consultations, according to South Korean officials.
US President Donald Trump arrived in Scotland on Friday for bilateral talks with European Commission President Ursula von der Leyen on Sunday, which could yield a trade deal with the European Union, after making a deal earlier this week with Japan and the Philippines.
Next week, US officials will hold a new round of trade talks with China in Sweden for an extension to a separate deadline of Aug 12 set between the two countries.
South Korea's Finance Minister Koo Yun-cheol and Foreign Minister Cho Hyun will also hold meetings with US Treasury Secretary Scott Bessent and State Secretary Marco Rubio, respectively, next week.
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