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Korea, U.S. set for more high-level talks next week ahead of tariff deal deadline

Published: 26 Jul. 2025, 18:29 Updated: 26 Jul. 2025, 18:35

Korea's Industry Minister Kim Jung-kwan, center, and Trade Minister Yeo Han-koo, right, pose with U.S. Secretary of Commerce Howard Lutnick during a meeting at the U.S. Department of Commerce in Washington on July 24. [MINISTRY OF TRADE, INDUSTRY AND ENERGY]

Korea and the United States wrapped up two days of ministerial-level trade talks this week, with both sides aiming to strike a tariff deal before next Friday, according to government officials.

Korean Minister of Trade, Industry and Energy Kim Jung-kwan and U.S. Secretary of Commerce Howard Lutnick concluded their second round of negotiations late Thursday at Lutnick’s residence in New York, following an initial meeting a day earlier at the U.S. Commerce Department in Washington, D.C.

Kim presented a revised proposal on Friday reflecting the outcome of a trade strategy meeting held at the presidential office on Thursday. The updated proposal was said to reflect progress from the first round, with discussions focused on Korean investment in the United States and market access for American agricultural products such as beef and rice.

Despite the developments, the two sides are not expected to reach a breakthrough just yet, as Lutnick reportedly urged Korea to make further concessions.

Kim has since reported back to Seoul, where the presidential office convened a follow-up strategy session on Saturday, chaired by the chief of staff, to review next steps in the tariff negotiations.

“The United States expressed strong interest in Korea’s shipbuilding sector and both sides agreed to explore mutually acceptable options, including strengthened Korea-U.S. cooperation in that area,” the presidential office said in a statement Saturday afternoon.

High-level discussions are set to continue next week. Deputy Prime Minister and Finance Minister Koo Yun-cheol and Foreign Minister Cho Hyun are set to meet with U.S. Treasury Secretary Scott Bessent and Secretary of State Marco Rubio, respectively.

Originally scheduled to return to Korea on Friday, Kim has extended his stay in the United States to continue leading the Korean delegation, alongside Trade Minister Yeo Han-koo.

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY KIM JI-HYE [[email protected]]