South Korea seeks trade deal with U.S. as tariff pause nears end

South Korea’s top trade envoy Yeo Han-koo began a visit to Washington on Friday, aiming to secure a new trade framework with the United States before a 90-day pause on U.S. reciprocal tariffs expires.

The talks come as Seoul seeks exemption or reductions from U.S. tariffs, particularly the 25% duties on steel, automobiles and other goods. Yeo is scheduled to meet U.S. Trade Representative Jamieson Greer and other senior officials to advance negotiations.

The U.S. has requested broader access to South Korea’s agriculture, automotive, digital and service markets. Yeo said South Korea would respond “flexibly,” balancing U.S. demands with domestic economic concerns. He also signalled Seoul may push to extend the tariff suspension depending on talks.

According to the Trade Ministry, discussions will also explore ways to support a U.S. “manufacturing renaissance.”

Separately, South Korea’s National Assembly approved a supplementary budget worth $23.3 billion — the first under President Lee Jae Myung’s administration. The bill passed in a 168–3 vote, with the main opposition boycotting the session.

The funding follows President Lee’s recent debt relief plan aimed at supporting around 1.23 million small business owners struggling with a combined $16.3 billion in unpaid debt.

Copied