South Korea is aiming to finalize a trade agreement with the United States by August 1 when new tariffs on Korean exports are set to take effect.
Preparations for U.S. Deal
The presidential office in Seoul announced that officials are preparing a deal that they hope both parties can agree upon ahead of next week's ministerial meetings.
Economic Risks and Exports
According to Reuters, the new trade package will include cooperation in shipbuilding, which has become a key discussion point. Additionally, exports play a significant role in the economy, accounting for 44% of GDP as of December 2024, based on World Bank data.
South Korea's Negotiation Stance
South Korea's delegation is under pressure as officials seek a deal that is at least as favorable as what Japan secured. However, Seoul has ruled out changes to beef and rice imports, viewing these topics as politically sensitive.
Amid growing pressures and uncertainty on the international stage, South Korea is working to achieve a mutually beneficial trade deal with the U.S. to mitigate potential negative impacts of new tariffs.
