South Korea’s top economic officials are in Washington seeking to finalize a trade agreement with the United States as a deadline looms for steep tariffs. Finance Minister Koo Yun-cheol joined Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo in two hours of talks with U.S. Commerce Secretary Howard Lutnick on Tuesday, according to Seoul’s finance ministry.
The discussions come ahead of U.S. President Donald Trump’s August 1 deadline to impose 25% tariffs on South Korean exports, including semiconductors, automobiles, and steel. Washington has been pressing Seoul to deliver its “best and final offer,” with Lutnick reportedly urging negotiators to “bring it all” to the table during previous talks in Scotland, the Wall Street Journal reported.
South Korea is seeking to highlight mutual benefits in its proposal, which includes expanded cooperation in industries such as shipbuilding. Minister Koo, who arrived in Washington earlier this week, is also scheduled to meet U.S. Treasury Secretary Scott Bessent to further negotiations.
The pressure on Seoul has intensified following recent trade breakthroughs: Japan secured a deal last week reducing potential tariffs to 15%, while the United States reached a separate agreement with the European Union over the weekend. U.S. officials are simultaneously working to finalize talks with China.
Foreign Minister Cho Hyun is also expected to join the discussions later this week to support the South Korean delegation. The outcome of these negotiations will be critical for South Korea’s export-driven economy, which faces significant risks if new tariffs are implemented.
With time running out, both sides are racing to bridge remaining gaps and prevent a major escalation in trade tensions between the longtime allies.