South Korea's top trade negotiators have held a joint meeting with US Commerce Secretary Howard Lutnick in Washington, where the two sides reaffirmed their commitment to reach a tariff agreement before the Aug. 1 deadline, Seoul's industry ministry said Friday.

Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo met with Lutnick in the US capital Thursday and discussed ways to improve their countries' trade relations, including forging a bilateral manufacturing partnership, according to the Ministry of Trade, Industry and Energy.

In the meeting, the two sides agreed to reach a "mutually beneficial" trade deal before the Aug. 1 deadline, when reciprocal tariffs by the Donald Trump administration are set to come into force, and to hold an additional round of negotiations at the earliest possible date.

The US president has said South Korea will be subject to a 25 percent reciprocal tariff unless it reaches a deal before time runs out.

Kim strongly called for a reduction of the reciprocal tariff rate for South Korea, as well as sectoral tariffs on all imported cars and steel products, while proposing cooperation in strategic manufacturing industries, such as shipbuilding, semiconductor and batteries, according to the ministry.

"We will make every effort to ensure that our companies are not placed at a disadvantage compared to competitors from other countries," Kim said in a press release.

"The trade delegation will mobilize all its capabilities to achieve the best possible result in terms of national interest by Aug. 1," he added.

On Wednesday, Kim met with US Energy Secretary Chris Wright to discuss ways to bolster cooperation in renewable energy and energy security, while Yeo virtually talked with Alabama Gov. Kay Ivey as part of his outreach to US government officials.

Continuing their efforts for a trade deal, Kim plans to meet with US Interior Secretary Doug Burgum, who also serves as the chairman of the National Energy Council, this week.

Yeo plans to hold separate meetings with US Trade Representative Jamieson Greer and Texas Gov. Greg Abbott, according to the ministry.

Seoul and Washington were originally scheduled to hold "2+2" high-level trade consultations Friday, involving Yeo, Finance Minister Koo Yun-cheol and their respective US counterparts -- Greer and Treasury Secretary Scott Bessent -- but the meeting has been called off due to Bessent's scheduling conflict.

In the "2+2" meeting, the Korean delegation had planned to propose an investment package worth at least $100 billion as part of efforts to reduce Seoul's trade surplus with Washington, according to sources familiar with the matter.

The Korean government has declined to confirm such an investment plan while requesting discretion in media reporting, citing the sensitivity of the talks.

Source: The Korea Herald

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