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South Korea and US Advance Toward July Tariff Relief Agreement

High-level talks in Washington establish a framework for negotiations, with working-level discussions set to begin next week.

South Korea's Finance Minister Choi Sang-mok (3rd from L) and Trade Minister Ahn Duk-geun (4th from L) hold trade talks with U.S. Treasury Secretary Scott Bessent (2nd from R) and U.S. Trade Representative Jamieson Greer (3rd from R) during their meeting in Washington on April 24, 2025, in this photo provided by Seoul's finance ministry. Bessent described the high-level trade talks as "very successful," noting that Seoul came with its "A-game" and anticipating that the allies will discuss "technical terms" as early as next week. (PHOTO NOT FOR SALE) (Yonhap)
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Overview

  • South Korea and the US agreed to pursue a comprehensive 'July Package' aimed at eliminating tariffs on Korean exports before the July 8 grace period ends.
  • The agreement was reached during an April 24 '2+2' meeting in Washington between top finance and trade officials from both nations.
  • Negotiations will focus on four key areas: tariffs and non-tariff barriers, economic security, investment cooperation, and exchange rate policy.
  • Working-level discussions next week will determine the specific issues to be included in the final agreement.
  • South Korean markets, including the KOSPI and the won, rose on optimism surrounding the progress in talks.