South Korea to propose trade package ahead of U.S. tariff deadline
South Korea announced on Saturday that it is preparing a mutually agreeable trade package with the United States ahead of an upcoming August 1 tariff deadline. The move comes as both countries gear up for minister-level meetings next week.
The package will notably include shipbuilding cooperation, a key interest of U.S. Commerce Secretary Howard Lutnick, who discussed the topic with South Korean Industry Minister Kim Jung-kwan on Friday, News.Az reports, citing foreign media.
South Korea’s Finance Minister Koo Yun-cheol and Foreign Minister Cho Hyun are also scheduled to meet with U.S. Treasury Secretary Scott Bessent and Secretary of State Marco Rubio, respectively.
The initiative aims to ease trade tensions and avoid new tariffs that could impact key sectors in both economies.
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