High-Stakes Trade Talks: U.S. and South Korea Aim for July Package

South Korea and the U.S. have initiated trade discussions to resolve tariff conflicts before July. With a deadline of July 8, both nations aim to reach agreements on tariffs, economic security, and currency policy. South Korea requests exemptions while proposing cooperation in shipbuilding and energy.

South Korea and the United States have embarked on pivotal trade discussions aimed at addressing tariff disputes ahead of a critical July deadline. Following a productive meeting in Washington, both nations are working towards a comprehensive package deal to lift new U.S. tariffs affecting South Korea, with hopes to finalize arrangements by July 8.

U.S. Treasury Secretary Scott Bessent described the talks as 'very successful,' indicating that technical discussions could commence as soon as next week. Key figures in these discussions include South Korean Finance Minister Choi Sang-mok and Industry Minister Ahn Duk-geun, alongside Bessent and Trade Representative Jamieson Greer.

Without divulging specifics, South Korea has requested tariff exemptions while offering cooperation on shipbuilding and energy sectors. As the South Korean delegation prepares for upcoming talks in Seoul, the political climate, including an impending June 3 snap election, may influence the pace and outcomes of negotiations.

(With inputs from agencies.)