World World: South Korea and the US have agreed to draw up a trade package to remove new US tariffs before the suspension of the reciprocal tariff policy in July. US Treasury Secretary Scott Bessant said the meeting was “very successful” and technical terms could be negotiated next week.
South Korea’s Finance Minister Choi Sang-mok and Industry Minister Ahn Duk-gyun discussed tariffs and trade imbalances with US officials at the meeting. South Korea sought exemption from reciprocal tariffs and proposed cooperation in the shipbuilding and energy sectors.
Choi said more meetings would be held next month on May 15-16, mainly discussing four major areas: tariffs, economic security, investment cooperation and currency policy. However, trade experts believe a concrete agreement is unlikely due to the upcoming June presidential elections.
