South Korea and the United States have agreed to work together on a comprehensive agreement regarding new U.S. tariffs, as well as economic and industrial cooperation.
The goal is to finalize this "package" deal by July 8, according to Seoul's finance minister, following high-level trade discussions in Washington, D.C.
Finance Minister Choi Sang-mok stated that discussions will focus on tariff and non-tariff measures, economic security, investment cooperation, and currency policies.
Working-level talks between Seoul's industry ministry and the Office of the U.S. Trade Representative (USTR) are planned for the following week.
USTR Jamieson Greer is scheduled to visit South Korea for high-level talks during the Asia-Pacific Economic Cooperation ministerial meetings starting on May 15.
These agreements were reached during "two-plus-two" trade consultations between Choi, Industry Minister Ahn Duk-geun, U.S. Treasury Secretary Scott Bessent, and Greer.
The South Korean delegation requested exemptions from both reciprocal and sectoral tariffs that impact South Korea's economy.