Washington: U.S. President Donald Trump's administration continues to have "productive" negotiations with South Korea to reduce "unfair" trade barriers and enhance market access for U.S. businesses, a White House official said Friday.
According to Yonhap News Agency, South Korea has been making concerted efforts to reach a trade deal with Washington to mitigate the threatened 25 percent "reciprocal" tariffs and sector-specific tariffs on steel and automobiles before they take effect on August 1. The official emphasized the ongoing discussions' productivity, which has raised cautious optimism regarding potential progress in trade talks. Seoul has put forth proposals for bilateral cooperation in strategic industries such as shipbuilding, semiconductors, and batteries.
On Thursday, South Korea's Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo met with U.S. Commerce Secretary Howard Lutnick in Washington to further their efforts in reaching a trade agreement with the Trump administration. In addition, South Korea's Finance Minister Koo Yun-cheol and Trade Minister Yeo had planned a "two-plus-two" meeting with U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer in Washington. However, the meeting was postponed due to a scheduling conflict on Bessent's part.
Earlier in the day, President Trump stated that his administration aims to finalize most of its trade agreements with other countries by August 1. Furthermore, he mentioned the possibility of sending letters to nearly 200 countries regarding their tariff rates, indicating that those letters would signify completed deals.