Seoul: South Korea is not rushing to conclude its trade talks with the United States ahead of its upcoming presidential election in early June, the finance ministry stated on Wednesday. "Our position remains unchanged that we will proceed in accordance with due process without rushing the talks," the ministry emphasized.
According to Yonhap News Agency, the remarks come after U.S. Treasury Secretary Scott Bessent suggested that Seoul wants to have the "framework of a deal" before its June 3 presidential election. Responding to a question Tuesday (U.S. time) regarding the impact of domestic political dynamics in U.S. trading partners, like South Korea, Bessent claimed that those countries want to have the framework before they go into elections.
Last week, South Korea and the U.S. held high-level talks, agreeing to seek a "July package" agreement on U.S. tariffs and bilateral economic and industrial cooperation before July 8, when President Donald Trump's 90-day pause on reciprocal tariffs ends. Speculation had surfaced that a deal could be finalized before South Korea holds its presidential election, a vote triggered by the recent impeachment and removal of former President Yoon Suk Yeol over his brief imposition of martial law in December.
The finance ministry further noted that during the talks, Seoul had explained the importance of considering the domestic political timeline and the need for communication with the National Assembly.