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5d ago

South Korea and U.S. Progress in Trade Talks as July Tariff Deadline Nears

Working-level discussions intensify in Washington, but Seoul emphasizes adherence to its domestic political timeline ahead of the June 3 election.

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South Korean Industry Minister Ahn Duk-geun (3rd from R) and U.S. Trade Representative (USTR) Jamieson Greer (2nd from L) hold a meeting at the USTR office in Washington on April 24, 2025, in this photo provided by Ahn's office. (PHOTO NOT FOR SALE) (Yonhap)
Finance Minister Choi Sang-mok speaks during a parliamentary committee meeting on April 30, 2025. (Yonhap)
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Overview

  • South Korea and the United States are negotiating a 'July package' to address reciprocal tariffs and deepen economic cooperation before the July 8 deadline.
  • South Korea's finance ministry reaffirmed its commitment to due process, stating it will not rush the talks ahead of its June 3 presidential election.
  • U.S. Treasury Secretary Scott Bessent expressed optimism, stating the 'contours' of a trade deal with South Korea are 'coming together.'
  • Both sides agreed to avoid hasty negotiations, suggesting the final deal may be concluded under South Korea's next administration.
  • The negotiations are part of a broader U.S. trade strategy, with South Korea seeking tariff relief for key industries such as automobiles, semiconductors, and steel.