South Korea Races Against Time for U.S. Trade Deal Amid Japanese Competition

South Korea's Industry Minister Kim Jung-kwan engaged in crucial talks with U.S. Commerce Secretary Howard Lutnick to forge a trade deal before the August 1 deadline, the nation's industry ministry announced. Discussions centered on reducing U.S. tariffs against South Korea through enhanced collaboration between the two countries' manufacturing sectors.

Intensifying negotiations coincide with Japan's recent trade agreement with the U.S., increasing pressure on Seoul. Korean officials, including Minister for Trade Yeo Han-koo, are seeking to conclude the deal in the final critical phase amid fears of being at a competitive disadvantage.

As part of the negotiations, South Korea unveiled a proposed $100 billion investment package involving conglomerates like Samsung and Hyundai. Meanwhile, a meeting between Finance Minister Koo Yun-cheol and U.S. Treasury Secretary Scott Bessent was abruptly canceled due to scheduling conflicts, complicating Seoul's strategic efforts.

(With inputs from agencies.)