South Korea officials, business leaders join last-ditch push for US trade deal
How did your country report this? Share your view in the comments.
Diverging Reports Breakdown
South Korea officials, business leaders join last-ditch push for US trade deal
Three South Korean cabinet-level officials met U.S. Commerce Secretary Howard Lutnick in Washington. South Korean Finance Minister Koo Yun-cheol joined Industry Minister Kim Jung-kwan and Minister for Trade Yeo Han-koo, who have been in Washington since last week. South Korea faces August 1 deadline for 25% tariffs to kick in against South Korea. President Donald Trump has set a deadline of August 1 for South Korea to agree to a deal on tariffs. Top business leaders are also reported to be flying in to help lobby for a deal. The Wall Street Journal reported that Lutick had urged the South Korean team to bring their best and final offer to the table during a meeting he had with Kim and Yeo in Scotland. The heads of some of South Korea’s largest global companies were converging on Washington to lend support to government negotiators.
Summary
Companies Top South Korean officials, business leaders converge in Washington, D.C.
South Korea faces August 1 deadline for 25% tariffs
Lutnick urged South Korea to ‘bring it all,’ report says
SEOUL, July 30 (Reuters) – Three South Korean cabinet-level officials met U.S. Commerce Secretary Howard Lutnick in Washington for trade talks, Seoul said on Wednesday, as top business leaders were also reported to be flying in to help lobby for a deal on U.S. tariffs.
South Korean Finance Minister Koo Yun-cheol joined Industry Minister Kim Jung-kwan and Minister for Trade Yeo Han-koo, who have been in Washington since last week, for two hours of talks with Lutnick, a ministry spokesperson said in Seoul.
Sign up here.
The finance ministry spokesperson did not offer details of the discussions. U.S. President Donald Trump has set an August 1 deadline for 25% tariffs to kick in against South Korea, a major U.S. ally and powerhouse exporter of chips, autos and steel.
The latest meeting came as the Wall Street Journal reported that Lutnick had urged the South Korean team to bring their best and final offer to the table during a meeting he had with Kim and Yeo in Scotland.
Lutnick told the South Korean officials they need to “bring it all” when they make their final offer to Trump, the report said.
South Korea’s benchmark KOSPI stock index (.KS11) , opens new tab rose 0.7% on Wednesday to hit a near four-year high, as the flurry of U.S. visits by government and company officials raised optimism around the country’s trade negotiations.
Koo, who arrived in Washington on Tuesday, has said he hopes to convince the United States the package of trade and related offers of industrial cooperation, including in shipbuilding , is to the allies’ mutual benefit.
Koo also plans to meet U.S. Treasury Secretary Scott Bessent during the visit.
The heads of some of South Korea’s largest global companies were converging on Washington to lend support to government negotiators, media reports said.
Hyundai Motor Group Chairman Euisun Chung was reported to be departing for Washington on Wednesday. Samsung Electronics Chairman Jay Y. Lee and the vice chairman of the Hanwha Group, Kim Dong-kwan, whose affiliate Hanwha Ocean has unveiled a major investment plan in the United States, were also in Washington, D.C.
Hyundai Motor, which along with its affiliate Kia Corp is the world’s third-largest automaker, will face a significant impact in the absence of a waiver or reduction in a 25% import duty on cars given that the U.S. is a major export destination.
South Korean officials were also discussing potential cooperation in chips, batteries and biotechnology under a package proposal, South Korea’s chief presidential policy secretary Kim Yong-beom said.
Pressure has been mounting on South Korea since Japan clinched a deal to cut Trump’s threatened tariffs to 15% last week. This was followed by a U.S.-EU trade deal over the weekend, and Trump’s top aides, including Bessent, are now working to close a deal with China.
South Korean Foreign Minister Cho Hyun will also travel to Washington this week to assist with the tariff negotiations.
Reporting by Yena Park, Joyce Lee, Jack Kim; Editing by Stephen Coates, Ed Davies and Kate Mayberry
Our Standards: The Thomson Reuters Trust Principles. , opens new tab
South Korea officials, business leaders join last-ditch push for US trade deal
Three South Korean cabinet-level officials met U.S. Commerce Secretary Howard Lutnick in Washington. South Korean Finance Minister Koo Yun-cheol joined Industry Minister Kim Jung-kwan and Minister for Trade Yeo Han-koo, who have been in Washington since last week. South Korea faces August 1 deadline for 25% tariffs to kick in against South Korea. President Donald Trump has set a deadline of August 1 for South Korea to agree to a deal on tariffs. Top business leaders are also reported to be flying in to help lobby for a deal. The Wall Street Journal reported that Lutick had urged the South Korean team to bring their best and final offer to the table during a meeting he had with Kim and Yeo in Scotland. The heads of some of South Korea’s largest global companies were converging on Washington to lend support to government negotiators.
Summary
Companies Top South Korean officials, business leaders converge in Washington, D.C.
South Korea faces August 1 deadline for 25% tariffs
Lutnick urged South Korea to ‘bring it all,’ report says
SEOUL, July 30 (Reuters) – Three South Korean cabinet-level officials met U.S. Commerce Secretary Howard Lutnick in Washington for trade talks, Seoul said on Wednesday, as top business leaders were also reported to be flying in to help lobby for a deal on U.S. tariffs.
South Korean Finance Minister Koo Yun-cheol joined Industry Minister Kim Jung-kwan and Minister for Trade Yeo Han-koo, who have been in Washington since last week, for two hours of talks with Lutnick, a ministry spokesperson said in Seoul.
Sign up here.
The finance ministry spokesperson did not offer details of the discussions. U.S. President Donald Trump has set an August 1 deadline for 25% tariffs to kick in against South Korea, a major U.S. ally and powerhouse exporter of chips, autos and steel.
The latest meeting came as the Wall Street Journal reported that Lutnick had urged the South Korean team to bring their best and final offer to the table during a meeting he had with Kim and Yeo in Scotland.
Lutnick told the South Korean officials they need to “bring it all” when they make their final offer to Trump, the report said.
South Korea’s benchmark KOSPI stock index (.KS11) , opens new tab rose 0.7% on Wednesday to hit a near four-year high, as the flurry of U.S. visits by government and company officials raised optimism around the country’s trade negotiations.
Koo, who arrived in Washington on Tuesday, has said he hopes to convince the United States the package of trade and related offers of industrial cooperation, including in shipbuilding , is to the allies’ mutual benefit.
Koo also plans to meet U.S. Treasury Secretary Scott Bessent during the visit.
The heads of some of South Korea’s largest global companies were converging on Washington to lend support to government negotiators, media reports said.
Hyundai Motor Group Chairman Euisun Chung was reported to be departing for Washington on Wednesday. Samsung Electronics Chairman Jay Y. Lee and the vice chairman of the Hanwha Group, Kim Dong-kwan, whose affiliate Hanwha Ocean has unveiled a major investment plan in the United States, were also in Washington, D.C.
Hyundai Motor, which along with its affiliate Kia Corp is the world’s third-largest automaker, will face a significant impact in the absence of a waiver or reduction in a 25% import duty on cars given that the U.S. is a major export destination.
South Korean officials were also discussing potential cooperation in chips, batteries and biotechnology under a package proposal, South Korea’s chief presidential policy secretary Kim Yong-beom said.
Pressure has been mounting on South Korea since Japan clinched a deal to cut Trump’s threatened tariffs to 15% last week. This was followed by a U.S.-EU trade deal over the weekend, and Trump’s top aides, including Bessent, are now working to close a deal with China.
South Korean Foreign Minister Cho Hyun will also travel to Washington this week to assist with the tariff negotiations.
Reporting by Yena Park, Joyce Lee, Jack Kim; Editing by Stephen Coates, Ed Davies and Kate Mayberry
Our Standards: The Thomson Reuters Trust Principles. , opens new tab