South Korea will prepare a trade package coordinated with the United States ahead of ministerial meetings scheduled for next week, as well as the August 1 deadline when U.S. tariffs may be reinstated. This was announced by the presidential administration on Saturday.
The package will include cooperation in the shipbuilding sector, which is particularly important to U.S. Trade Secretary Howard Lutnik. He discussed this topic on Friday with South Korean Minister of Industry Kim Jong Kwan, according to an official statement.
This meeting was a continuation of talks held on Thursday. During it, Lutnik and Kim reaffirmed their readiness to reach a trade agreement by August 1 after the joint meeting of finance ministers and senior trade officials, originally planned for Friday, was postponed.
South Korea, currently facing 25% tariffs, is trying to quickly conclude a trade deal with Washington. National Security Advisor Wi Sung Lak recently visited the U.S. for high-level negotiations. Trade Minister Yo Han Koo was also in the U.S., as pressure mounts on South Korean officials to secure a deal no less favorable than Japan’s, which includes tariff cuts to 15%.
The negotiations also cover non-tariff barriers in agriculture and digital services. According to South Korean officials, the foreign exchange issue is not part of the negotiations, except for standard consultations.
Meanwhile, U.S. President Donald Trump arrived in Scotland on Friday, where he is scheduled to meet with European Commission President Ursula von der Leyen on Sunday. This meeting is expected to lead to a new trade agreement with the European Union — following recent deals with Japan and the Philippines.
Also next week, the U.S. will hold a new round of trade talks with China in Sweden regarding the extension of a separate deadline set between the two countries until August 12.
South Korean Finance Minister Koo Yoon Chol and Foreign Minister Cho Hyun also plan separate meetings next week with U.S. Treasury Secretary Scott Bessent and Secretary of State Marco Rubio, respectively.