South Korea Races to Secure Trade Deal with U.S. Ahead of Deadline

South Korean Finance Minister Koo Yun-cheol is making a concerted effort this week to secure a trade agreement with the U.S., as the deadline to avert harsh tariffs on South Korea's industrial exports approaches on August 1. The proposed discussions could lead to significant cooperative ventures in industries like shipbuilding.

The Hanwha Group, a major player in South Korea's shipbuilding sector, has submitted a substantial investment proposal to U.S. officials. This plan reportedly includes the expansion of Philly Shipyard, showcasing the group's commitment to strengthening bilateral trade relations. Behind-the-scenes negotiations have been cautiously optimistic, with Vice Chairman Kim Dong-kwan also present in the U.S. to show support.

As part of a broader diplomatic effort, South Korean leaders are engaging with U.S. officials, including Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick. With high-stakes discussions underway, including visits from the Foreign Minister, Seoul is keen to remove looming trade barriers, signaling the importance of this deal for both nations.

(With inputs from agencies.)