South Korea Nears U.S. Trade Deal Amid Tariff Deadline

South Korea is engaged in urgent trade negotiations with the United States aimed at finalizing a deal before the August 1 deadline when U.S. President Donald Trump plans to impose 25% tariffs on South Korean exports like semiconductors, automobiles, and steel. South Korean ministers, including Finance Minister Koo Yun-cheol, Industry Minister Kim Jung-kwan, and Trade Minister Yeo Han-koo, held talks with U.S. Commerce Secretary Howard Lutnick to present a comprehensive proposal emphasizing mutual benefits and expanded cooperation in key sectors such as shipbuilding, chips, batteries, and biotech. The South Korean delegation, supported by top business leaders from Samsung, Hyundai, and Hanwha, is seeking to reduce tariff rates to levels similar to recent U.S. agreements with Japan and the European Union, which capped tariffs at 15%. These talks are critical for South Korea’s export-driven economy, as higher tariffs could severely undermine its competitiveness in the U.S. market. Additional meetings are planned with U.S. Treasury Secretary Scott Bessent, and South Korean Foreign Minister Cho Hyun is expected to join the delegation to further support the negotiations. The outcome will shape economic ties between the two long-standing allies amid shifting global supply chains and trade realignments.