South Korea pushes for mutually beneficial trade deal with US ahead of tariff deadline

South Korea has called for the establishment of a “mutually beneficial” trade agreement with the US, amid growing economic tensions and ahead of a critical trade policy deadline.

This week, South Korea’s newly appointed Minister of Trade, Yeo Han-koo, made his first official visit to the US. During the trip, he held meetings with US Secretary of Commerce Howard Lutnick, US Trade Representative Jamieson Greer, Secretary of the Interior Doug Burgum, and several Congressmen in Washington, Caliber.Az reports via foreign media.

The talks come ahead of the July 9 deadline, after which the US may reinstate higher tariffs that were temporarily suspended in April.

Yeo said that the current negotiations were not solely focused on tariffs, but also represented a broader opportunity to create a new framework for future cooperation. He emphasised that South Korea remained committed to proactive dialogue to ensure that trade barriers would not obstruct collaboration between the two countries, and that the ongoing crisis could be turned into an opportunity.

The minister also raised concerns on behalf of South Korean industries about recent shifts in US export control policies—particularly regarding tighter restrictions on the transfer of technology to rivals like China. 

A senior South Korean official told reporters in Washington that Seoul has not yet received clear information about a potential extension of the tariff suspension and does not feel it is in a position to be confident about the outcome.

By Naila Huseynova