South Korea industry minister says US tariff talks in critical phase

SEOUL: South Korea's new industry minister Kim Jung-kwan said on Monday that tariff talks with the U.S. are in a critical phase that could result in all kinds of possible scenarios, according to the ministry.

AI Brief

South Korea is pushing to resolve trade talks with the US before new tariffs take effect on August 1.
National Security Adviser Wi Sung-lac and possibly other ministers are heading to Washington for discussions.
Their main goal is to reduce or prevent high US tariff rates on Korean exports.

Kim pledged an all-out effort to smoothly wrap up the talks as August 1, the date when the U.S. has said its "reciprocal" tariffs will take effect, approaches, the ministry said.

South Korea's national security adviser, Wi Sung-lac, has headed to Washington, authorities said on Sunday, and media reports have said other ministers including Kim could also travel to the U.S. this week to sit down with their counterparts.

Wi told Hankyoreh newspaper before flying to the United States that his goal was to lower tariff rates.