Washington: U.S. Treasury Secretary Scott Bessent announced that the contours of a trade deal with South Korea are "coming together," as South Korea seeks to secure exemptions and exceptions from the Trump administration's "reciprocal" and sectoral tariffs. Bessent made this statement during a press conference, highlighting the ongoing negotiations aimed at resolving trade issues between the two countries.
According to Yonhap News Agency, Bessent noted that South Korea, along with other countries facing elections or internal challenges, is eager to engage in trade talks to demonstrate successful negotiations with the United States. He expressed optimism about the progress in trade discussions with South Korea, as well as with other nations like India and Japan. Recently, South Korea and the U.S. conducted high-level trade consultations, agreeing to pursue a "July package" agreement on U.S. tariffs and bilateral economic and industrial cooperation before the expiration of President Donald Trump's 90-day pause on reciprocal tariffs on July 8.
Observers suggest that a deal could be finalized following South Korea's presidential election on June 3. This election was necessitated by the ouster of President Yoon Suk Yeol, who faced backlash over his brief imposition of martial law in December. Bessent addressed inquiries regarding the impact of domestic issues on trade talks, asserting that these countries are motivated to establish a "framework of a deal" before entering elections.
"We are finding that they are actually much more keen to come to the table, get this done, and then go home and campaign on it," Bessent stated, emphasizing the urgency seen in these nations to finalize trade agreements amidst their domestic political climates.