South Korea to prepare mutually agreeable trade package as US tariff deadline looms
Sign up now: Get ST's newsletters delivered to your inbox
South Korea, facing 25 per cent tariffs, is rushing to reach a trade deal with Washington.
PHOTO: REUTERS
Follow topic:
SEOUL - South Korea will prepare a trade package that is mutually agreeable with the United States ahead of minister-level meetings planned next week and a US tariff-pause deadline of Aug 1, the presidential office said on July 26.
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
South Korea, facing 25 per cent tariffs, is rushing to reach a trade deal with Washington
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 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. REUTERS
