South Korea Races Against Time for Trade Deal with U.S.

South Korea's trade minister is optimistic about reaching an 'in-principle' trade agreement with the U.S. by August 1. However, challenges remain in negotiating details, such as industry-specific tariffs on autos and steel. The new South Korean government, facing time constraints, aims to prevent heavy U.S. tariffs.

South Korea is racing to forge an 'in-principle' trade agreement with the United States by August 1, amid looming U.S. tariffs that could impact bilateral trade.

Trade Minister Yeo Han-koo revealed that the negotiations need strategic decisions, particularly concerning South Korea's agriculture market, to finalize terms.

Although progress in industrial cooperation has been noted, Yeo emphasized the necessity to address 'unfair' tariffs on sectors like autos and steel.

(With inputs from agencies.)