South Korea to prepare mutually agreeable trade package as US 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 July 25, it said in a statement.
The July 25 meeting was a follow-up to a meeting on July 24, where Mr Lutnick and Mr 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 July 25 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 July 25 for bilateral talks with European Commission President Ursula von der Leyen on July 27, 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.
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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. REUTERS
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