Overview

• South Korea and the U.S. concluded their first '2+2' trade consultations in Washington, agreeing to pursue a comprehensive 'July Package' addressing tariffs, economic security, investment, and currency policies.
• The Trump administration's 25% reciprocal tariffs on South Korean steel and automobiles, paused for 90 days since April 9, remain a key focus of the negotiations.
• South Korea has requested exemptions from both reciprocal and sectoral tariffs and proposed cooperation in U.S. shipbuilding and energy sectors to strengthen bilateral trade ties.
• Working-level talks are scheduled to begin next week, with high-level discussions planned during the Asia-Pacific Economic Cooperation (APEC) Summit in May.
• President Trump's claims of progress in U.S.-China trade talks remain disputed by Beijing, which continues to deny the existence of any ongoing negotiations.