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South Korea will prepare a trade package that is mutually agreeable with the United States before upcoming minister-level meetings next week and ahead of a U.S. tariff-pause deadline on August 1, according to a statement from the presidential office.
The package will likely include shipbuilding cooperation, as discussed in Friday’s meeting between U.S. Commerce Secretary Howard Lutnick and South Korea’s Industry Minister Kim Jung-kwan. This was a follow-up to Thursday’s meeting where both officials reaffirmed their commitment to reach a trade deal by August 1. The joint meeting of finance ministers and top trade envoys scheduled for the same day had been postponed.
South Korea, facing 25% tariffs, is in urgent need of a trade agreement with Washington. National Security Adviser Wi Sung-lac recently visited the U.S. for high-level talks, while Minister for Trade Yeo Han-koo is also engaged in negotiations there. The pressure on officials to secure an agreement that improves upon Japan’s 15% tariff cut has grown.
The trade negotiations have included non-tariff barriers in agricultural and digital service sectors but have not involved foreign exchange beyond typical consultations, according to South Korean officials.
U.S. President Donald Trump is currently in Scotland for bilateral talks with European Commission President Ursula von der Leyen on Sunday, which could result in a trade deal with the European Union. Earlier this week, he reached deals with Japan and the Philippines.
Next week, U.S. officials will hold new trade talks with China in Sweden to extend another deadline set between them for August 12. South Korea’s Finance Minister Koo Yun-cheol and Foreign Minister Cho Hyun will also meet with U.S. Treasury Secretary Scott Bessent and State Secretary Marco Rubio, respectively.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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