Overview

• Yeo Han-koo brought together officials from finance, agriculture, land, oceans and other ministries on June 17 to develop detailed strategies for negotiating tariff exemptions and regulatory reforms
• Seoul and Washington have agreed to finalize a comprehensive package by July 8 when the Trump administration’s suspension of a 25 percent reciprocal duty expires, covering tariff cuts, non-tariff measures and economic cooperation
• South Korea is pressing for full waivers or reductions on U.S. steel and automobile tariffs, while Washington urges action on Korea’s trade surplus and non-tariff trade barriers
• Political uncertainty after South Korea’s June 3 presidential election had slowed progress, but President Lee Jae Myung’s new administration has prioritized expediting talks to protect exporters’ competitiveness
• Both sides plan a series of ministerial shuttle meetings and technical discussions in the coming weeks to secure a mutually beneficial deal before tariffs are reinstated