South Korea鈥檚 deputy prime minister will meet with US Treasury Secretary Scott Bessent next week, ahead of Washington鈥檚 deadline to reach a trade deal, Seoul鈥檚 presidential office said Saturday.
US president Donald Trump鈥檚 administration has threatened South Korea with a 25 percent tariff if a trade deal is not reached by August 1.
鈥楧eputy prime minister Koo Yun-cheol and Foreign Minister Cho Hyun are scheduled to meet US Treasury Secretary Scott Bessent and Secretary of State Marco Rubio next week,鈥� the presidential office said in a statement.
The statement came during a meeting at the presidential office where Industry Minister Kim Jung-kwan reported on the outcome of his talks with US Commerce Secretary Howard Lutnick on Thursday.
鈥楾he government has pledged to devote its full efforts to concluding trade negotiations with Washington before the August 1 deadline,鈥� the statement said.
The presidential office added that Seoul confirmed Washington鈥檚 鈥榮trong interest in the shipbuilding sector鈥� and agreed to work towards mutual cooperation in the industry.
The announcement of the meeting comes after last week鈥檚 scheduled talks were cancelled due to Bessent鈥檚 鈥榰rgent schedule鈥�.
South Korea鈥檚 shipbuilding industry has become a useful bargaining chip for the country as Trump has shown significant interest in the sector.
South Korea ranks as the world鈥檚 second-largest shipbuilding nation, trailing only behind China.
Amid rising tensions in the Taiwan Strait, the United States is turning to overseas shipyards to strengthen its Asia-Pacific operations, casting South Korea as a key defence partner.
In 2024, Hanwha Ocean, one of South Korea鈥檚 largest shipbuilders, became the first non-US company authorised to conduct dry-dock maintenance on a US Navy vessel.