South Korea and U.S. Engage in Crucial Trade Discussions

South Korea's trade minister Yeo Han-koo is set to visit the U.S. from June 22-27 for crucial trade discussions aimed at reducing tariffs. The talks follow recent economic contractions in South Korea due to U.S. tariffs and domestic political unrest, with a trade deal expected by July 8.

South Korea's trade minister, Yeo Han-koo, is scheduled to visit the United States from June 22 through June 27, according to an announcement from South Korea's trade ministry on Saturday.

During the visit, Yeo is expected to engage in discussions with U.S. Trade Representative Jamieson Greer and participate in the third round of bilateral technical discussions. Details of these meetings remain undisclosed, a ministry spokesperson confirmed to Reuters.

The discussions come at a time when South Korea is dealing with a 10% blanket tariff and a 25% country-specific duty imposed by the U.S., which is temporarily suspended for 90 days. Both nations had earlier agreed during initial trade negotiations in late April to work towards reducing these tariffs by July 8. This negotiating effort also follows the unexpected contraction of Asia's fourth-largest economy amid U.S. President Donald Trump's sweeping tariffs and internal political challenges following former President Yoon Suk Yeol's martial law decree last December.

(With inputs from agencies.)