South Korea and the US are engaged in critical trade talks to finalize deals by August 1, with both nations seeking to address trade imbalances. Industry Minister Kim Jung-kwan is urging a swift conclusion to tariff negotiations, which have reached a crucial phase.
In recent meetings between South Korean officials and US Commerce Secretary Howard Lutnick, the commitment to striking a trade deal before August 1 was reaffirmed. Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo met with Lutnick in Washington to discuss tariffs and manufacturing cooperation, including proposed bilateral cooperation in strategic sectors such as shipbuilding, semiconductors, and batteries.
Despite tensions over the priority of securing high-quality trade deals versus meeting an August 1 deadline, South Korea's Finance Minister Koo Yun-cheol and Trade Minister Yeo Han-koo are set to engage in talks with US officials in Washington on Friday. The revival of South Korea-US trade talks reflects a renewed commitment from both nations to address their trade imbalances and strengthen economic ties.
The Korean stock market has responded positively to the ongoing negotiations, with the Kospi ending higher due to the revived trade talks between Seoul and Washington.