SK says framework US trade deal possible by August, farm market access on table

14/7/2025 11:29

South Korea's top trade envoy said on Monday it may be possible to strike an "in-principle" trade deal with the United States by an August 1 deadline, but time is short to work out a detailed package seeking exemption from punishing U.S. tariffs.



The Yonhap news agency said, Minister for Trade Yeo Han-koo, who held high-level talks with U.S. officials last week, said South Korea may have to make some strategic decisions over its agriculture market as part of trade negotiations with the United States.



There was "considerable progress" in the discussion with U.S. officials over cooperation in key industrial sectors as part of the trade talks, Yeo was cited as saying, but Washington needs to cut industry-specific tariffs on autos and steel, calling them "unfair" and severely undermining bilateral cooperation.



South Korea is in a race to reach a compromise trade pact in the hope of avoiding a 25% tariff slapped on its exports announced by U.S. President Donald Trump that is set to kick in on August 1, after a late start to negotiations with a new president voted in last month.