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(Bloomberg) — South Korea’s President Lee Jae-myung hopes to clinch a trade agreement with the US ahead of a looming July deadline, according to his nominee for prime minister, after a high-stakes meeting with Donald Trump was called off at the last minute.
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“I believe that President Trump would naturally expect a deal to be reached within the scheduled deadline, and my understanding is that President Lee Jae-myung would also like to see a good agreement reached within that time frame if possible,” Kim Min-seok told reporters in Seoul on Tuesday.
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Washington announced a 25% across-the-board duty on imports of goods from South Korea in early April. The rate, among the highest levied on any US ally, is due to take effect in early July after a 90-day grace period ends. Additional sectoral tariffs may hurt even more as they threaten key export sectors including semiconductors, cars, steel and aluminum.
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Kim’s comments came after President Lee’s planned meeting with Trump on the sidelines of the Group of Seven leaders summit in Canada was canceled after the US president left the event early to deal with the Israel-Iran conflict.
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“Everyone knows that President Lee Jae-myung went to the G-7 not only because of the importance of the G-7, but also because of his expectation and enthusiasm for the Trump meeting,” Kim said, expressing hope for a meeting between the two leaders in the near future. Lee’s office said the US has sought understanding for the change of schedule.
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South Korea plays a pivotal role in global commerce, producing a variety of goods ranging from smartphones and semiconductors to electric vehicles and ships. Exports account for more than 40% of its gross domestic product, making trade a vital engine of economic growth.
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Lee embarked on his first overseas trip to join the G-7 gathering after winning a June 3 vote triggered by the ouster of his conservative predecessor, Yoon Suk Yeol, over his botched attempt to impose martial law late last year. Negotiations with the US were delayed in recent months by a leadership void in Seoul and domestic political upheaval preceding Lee’s victory.
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Speaking to reporters en route to Canada, Lee said it’s important to make sure South Korea is not put in a position that’s more disadvantageous than other countries. “We will do our best to achieve the best possible outcome,” Lee said.
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South Korea’s gross domestic product contracted in the first quarter, marking the economy’s first quarterly drop since 2020, and exports have started losing momentum under pressure from Trump’s sweeping tariffs. The BOK has slashed its 2025 growth forecast to 0.8%.
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