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

South Korea's efforts to secure a tariff deal with the U.S. are intensifying, with high-level meetings in Washington. The focus is on easing tariffs and fostering cooperation in manufacturing sectors like shipbuilding and chips. Pressure mounts as Japan's recent agreement with the U.S. raises stakes for Seoul.

South Korea's Industry Minister Kim Jung-kwan and top trade envoy Yeo Han-koo are in Washington for crucial discussions with U.S. Commerce Secretary Howard Lutnick, aiming to finalize a tariff deal by the August 1 deadline. Both nations are exploring agreements in strategic sectors.

The talks emphasize cooperation in manufacturing, particularly in shipbuilding and chip industries, with South Korea urging tariff reductions on autos. The urgency escalates after Japan secured a substantial trade deal with the U.S., setting a competitive benchmark.

As new President Lee Jae Myung's administration, just days into office, juggles these high-stakes negotiations, delays and cancellations strain the process. Despite setbacks, Seoul proposes a significant investment package, highlighting its commitment to reaching a beneficial agreement with Washington.

(With inputs from agencies.)