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The US and South Korea could reach an “agreement of understanding” on trade as soon as next week, Treasury Secretary Scott Bessent said Thursday, following talks between the two nations.
“We had a very successful bilateral meeting,” Bessent told reporters during an Oval Office meeting between President Donald Trump and the prime minister of Norway. “We may be moving faster than I thought, and we will be talking technical terms as early as next week as we reach an agreement on understanding as soon as next week.”
Bessent did not elaborate on what would be included in a so-called agreement of understanding with Seoul. Dozens of nations have appealed to the Trump administration for relief from higher tariffs that have been suspended 90 days to provide time for talks.
Trump is facing pressure to demonstrate progress on his trade agenda, with investors and business leaders expressing concern that the tumult unleashed by his April 2 tariff announcement could plunge the world economy into a recession.
South Korean Finance Minister Choi Sang-mok and Industry Minister Ahn Duk-geun were expected to meet in Washington Thursday with Bessent and US Trade Representative Jamieson Greer, according to South Korean officials. South Korea is among the first nations to sit down for face-to-face negotiations, following Japan’s meetings last week, and the talks will be closely followed by other countries seeking tariff relief.
South Korea, a key US ally, was slapped with a 25% across-the-board import tax that has been temporarily reduced to 10% for 90 days. As with other nations, South Korea also faces a 25% levy on shipments of cars, steel and aluminum.
The high-stakes meetings come as markets have been rattled by Trump’s shifting rhetoric on tariffs and Federal Reserve Chair Jerome Powell. The US president has signaled interest in making deals with some key trading partners, but has not yet concluded any agreements.
Full trade agreements traditionally take years to conclude, and the White House is likely to reach deals that are far more limited in scope, or leave pivotal details still to be settled before the deadline for Trump’s higher tariffs to snap back into place.
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