High-Stakes Trade Talks: South Korea's Urgent Washington Diplomacy

Three South Korean ministers met with U.S. Commerce Secretary Lutnick in Washington to negotiate on looming tariffs. High-level business leaders also support the talks with President Trump's deadline for new tariffs approaching. Korea is pushing a cooperation package, with optimism boosting their stock indices amidst multi-national pressure.

High-ranking South Korean cabinet officials convened with U.S. Commerce Secretary Howard Lutnick in Washington for crucial trade negotiations, reported Seoul on Wednesday. Finance Minister Koo Yun-cheol joined Industry Minister Kim Jung-kwan and Minister for Trade Yeo Han-koo, engaging in two-hour discussions with Lutnick to address impending U.S. tariffs.

Details of the discussions remained undisclosed, yet urgency builds as U.S. President Donald Trump set an August 1 deadline for 25% tariffs on South Korean exports. Wall Street Journal noted Lutnick's insistence for a 'best and final offer' from the South Koreans during talks in Scotland.

Economic optimism lifted South Korea's KOSPI index by 0.7% following increased diplomatic and corporate presence in the U.S. Notably, Hyundai and Samsung executives are in Washington, lobbying to avert the tariffs, with bilateral cooperation in chips, batteries, and biotechnology on the negotiation table.

(With inputs from agencies.)