South Korea Pushes for Trade Deal Amid U.S. Tariff Threats
South Korea's Industry Minister Kim Jung-kwan met U.S. Commerce Secretary Howard Lutnick in Washington to discuss a trade deal aiming to reduce tariffs by August 1. The meeting marked a crucial phase as South Korea strives to prevent tariffs from putting its companies at a disadvantage.
South Korea's Industry Minister, Kim Jung-kwan, engaged in crucial discussions with U.S. Commerce Secretary Howard Lutnick on Thursday, emphasizing the urgency of finalizing a trade agreement by the August 1 deadline.
The two officials evaluated how cooperative efforts between their nations' manufacturing sectors could be pivotal in reducing looming U.S. tariffs on South Korea. Kim expressed determination to ensure South Korean companies do not suffer disadvantages compared to global competitors.
With trade negotiations reportedly in a 'critical final phase,' South Korean officials, including Trade Minister Yeo Han-koo, are intensifying dialogue with U.S. counterparts, especially after Japan secured a favorable trade pact with the U.S., raising the stakes for Seoul.
(With inputs from agencies.)
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