South Korea seeks mutually agreeable U.S. trade package

South Korea will prepare a trade package that is mutually agreeable with the United States ahead of minister-level meetings planned next week and a U.S. tariff-pause deadline of August 1, the presidential office said on Saturday.

The package will include shipbuilding cooperation, a sector of high interest to U.S. Commerce Secretary Howard Lutnick, who discussed the matter with South Korea’s Industry Minister Kim Jung-kwan on Friday, it said in a statement.

Friday’s meeting was a follow-up to a meeting on Thursday, where Lutnick and Kim reaffirmed their commitment to reach a trade deal by August 1, after a joint meeting of finance ministers and top trade envoys that had been scheduled for Friday was postponed.

South Korea, facing 25% tariffs, is rushing to reach a trade deal with Washington, with National Security Adviser Wi Sung-lac visiting the U.S. recently for high-level talks and Minister for Trade Yeo Han-koo also in the U.S. for negotiations, as pressure grows on officials to clinch a deal that is no worse than Japan’s that cut tariffs to 15%.

South Korea’s trade negotiations with the U.S. have included non-tariff barriers in the agricultural and digital service sectors, but foreign exchange has not been part of trade talks beyond usual consultations, according to South Korean officials.