South Korea calls for ‘calm, orderly’ talks with the U.S. amid hopes of a tariff deal by early July

South Korea’s Minister of Trade, Industry, and Energy, Ahn Duk-geun, was seen arriving at Incheon International Airport on April 23, 2025, heading to Washington for discussions on finance and trade matters with the U.S.

The Asian nation has called for calm and orderly talks with the United States regarding trade issues. South Korea, ranked as the fourth largest economy in Asia, is reportedly aiming to reach a deal with the U.S. by July to avoid tariffs.

During the “2+2” discussions in Washington, South Korean Finance Minister Choi Sang-mok and Trade Minister Ahn Dukgeun met with U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer.

Choi stated that the upcoming talks will address four key areas: tariff and non-tariff measures, economic security, investment cooperation, and monetary policies. He proposed seeking solutions beneficial for both countries and expressed South Korea’s concerns about tariffs.

The agreement is expected to be finalized by July 8, coinciding with the end of U.S. President Donald Trump’s 90-day suspension of tariffs. South Korea emphasized its reliability as a partner and suggested measures to support the U.S. shipbuilding industry and enhance trade balance and energy security.

The country, known for its major automobile and steel exports to the U.S., faces tariffs on these products. Despite being temporarily exempt from reciprocal tariffs, South Korea is subject to a 25% levy on steel and aluminum imports and car imports. Hyundai and Kia are among the top-selling car brands in the U.S., and South Korea stands as the fourth largest steel exporter to the U.S. in 2024.

ANZ mentioned in a Thursday note that while South Korea is likely to secure a trade deal with the U.S., the upcoming June 3 election could impact the negotiation timeline. Following the removal of President Yoon Suk Yeol on April 4, South Korea will soon elect a new president, potentially influencing the negotiation outcomes.