00:00South Korea says it may be able to reach an in-principle trade deal with the U.S. by the August 1st deadline.
00:07Trade Minister Johan Kuo also signals that Seoul may be open to greater U.S. access to its agricultural markets.
00:17Yo last held high-level talks with U.S. officials last week.
00:21He said South Korea was seeking to avoid unfair U.S. tariffs on sectors that could undermine industrial cooperation with its main security ally and trading partner.
00:31Seoul is racing to reach a compromise before a 25% tariff takes effect on its exports by August 1st.
00:38Negotiations got off to a late start following the election of new President Lee Jae-myung last month.
00:44South Korea recorded a $55.6 billion trade surplus with the U.S. in 2024,
00:50an increase of 25% from 2023, driven by strong car exports.
00:56Its effective tariff rates remain near zero under a free trade agreement first signed in 2007,
01:03then revised in 2018 during Trump's first term.
Comments