Treasury Secretary Scott Bessin said on Thursday, after talks between the two countries, that the United States and South Korea could reach the “understanding agreement” on trade as soon as next week.
“We have held a very successful bilateral meeting,” Pesin told reporters at an oval office meeting between President Donald Trump and Prime Minister of Norway. “We may move faster than I believed, and we will talk about technical terms early next week, as we reach an agreement to understand just next week.”
Bessent did not explain what could be included in an agreement called understanding with Seoul. Dozens of countries appealed to the Trump administration due to relief from the highly suspended definitions of 90 days to provide time for talks.
South Korean Finance Minister Choi Sang Mok said that the two sides aim to an agreement by early July, before the recovery ended. “The meeting was created,” Choi told reporters in Washington after Bessin.
Trump faces pressure to show progress in his commercial agenda, as investors and business leaders express their concern that the turmoil launched by his introductory declaration on April 2 may drown in the global economy in stagnation.
Choi, Minister of Industry, Ahn Duk John, met with Pesin and American Trade Representative Jameson Jarir in Washington on Thursday. South Korea is among the first countries to sit in face -to -face negotiations, after Japan’s meetings last week, and talks will closely follow other countries seeking to reduce customs tariffs.
Choi said that among the topics on the table is the building of ships, cooperation in the field of energy, as well as non -firearms and FX policy. He added that the South Korean Ministry of Finance will soon hold talks at the level of work with the Ministry of Treasury to discuss currencies.
South Korea, a major ally of the United States, was slapped with 25 % import on board the plane, which was temporarily reduced to 10 % for 90 days. As with other countries, South Korea also faces a 25 % tax on car shipments, steel and aluminum.
It remains to see to what extent can the interim government in Seoul can carry negotiations when the country is preparing to elect a new leader on June 3. The main opposition party, which is leading its candidate, Lee Jay Meong, has expressed in opinion polls that President Han Duck is rushing to sign a deal.
High risk meetings come as the markets were shook through Trump’s variable speech on definitions and Federal Reserve Chairman Jerome Powell. The US President indicated his interest in concluding deals with some of the main commercial partners, but he has not yet expired.
Full trade agreements traditionally take years to conclude, and the White House is likely to reach much limited deals in the range, or leave the pivotal details that are still to be settled before the date of Trump’s upper tariffs to return to its place.
Trump recently declared “great progress” with Japan, although Prime Minister Shigro Ishiba said that his country would not continue to give up our demands to reach an agreement. Japan also intends Pay again On the efforts of the United States to organize trading partners in a bloc against China, according to the current and former Japanese officials.
Washington also promotes “great progress” with India after talks between Vice President JD Vance and Indian Prime Minister Narendra Modi. The two sides ended what was called Reference conditions To negotiate a new trade agreement, according to the White House statement during the Vice President’s visit there.
Trump said earlier this month that he had a “great invitation” with South Korean acting chief Han Dac Soo, who included discussions on tariffs, shipbuilding and military support.
“However, we have the limits and the possibility of a lot for both countries. Their higher team is on a plane heading to the United States, and things look good,” Trump posted on April 8 on social media.
The government in Seoul has reviewed multiple bundles to introduce it to the Trump administration because it seeks to narrow its trade surplus with the United States, which jumped about 25 % in 2024 of one year to $ 55.7 billion.
Initial trade data from South Korea indicated that the American tariff has already an impact. Customs office information showed that South Korea’s total exports decreased by 5.2 % from the previous year in the first 20 days of this month.
This story was originally shown on Fortune.com
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