South Korea and US close to signing trade deal before tariff hike – Bloomberg

South Korea and the United States are close to concluding a mutually beneficial trade agreement before the August 1 deadline, when Washington will raise import duties for a number of countries. This was reported by Bloomberg, informs UNN.

DetailsIt is noted that the day before, US Trade Minister Howard Lutnick and South Korean Industry Minister Kim Jong-Kwan discussed sectoral and mutual tariffs, with Kim emphasizing the need to ease trade barriers. The parties agreed to strengthen cooperation in manufacturing and continue negotiations.

South Korea viewed the meeting as a critical opportunity to advance trade negotiations and prevent a large-scale tariff increase of up to 25% threatened by President Donald Trump. In recent weeks, Seoul has weighed politically sensitive concessions in areas such as agriculture, energy, and defense to protect its export-dependent economy.

It is indicated that as part of broader negotiations, the two countries are exploring the possibility of creating a joint investment fund to channel South Korean capital into US-based projects.

“Seoul is preparing to offer investment commitments of at least $100 billion, which will be secured through consultations with the country’s major conglomerates,” the article says.

RecallEarlier this week, Japan concluded a trade agreement with the US that includes a 15% tariff reduction in exchange for support for a $550 billion fund and commitments for strategic purchases from American suppliers.

“No delays”: US confirms new customs tariffs from August 121.07.25, 07:45 • 4045 views