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From left, South Korea’s Trade Minister Ahn Duk-geun, Deputy Prime Minister and Finance Minister Choi Sang-mok, U.S. Treasury Secretary Wally Adeyemo (on behalf of absent Secretary Janet Yellen), and Jamieson Greer, representing the Office of the U.S. Trade Representative (USTR), pose for a photo during the Korea-U.S. 2+2 Trade Consultation held at the U.S. Treasury Department in Washington, D.C., on April 24. / Courtesy of the Ministry of Economy and Finance

South Korea and the United States agreed on April 24 to pursue a comprehensive “July package” deal by early July—after Korea’s June 3 presidential election—that would include the removal of U.S. tariffs on Korean imports and expanded bilateral industrial cooperation.

The agreement was reached during a 2+2 Trade Consultation held at the U.S. Treasury Department in Washington, D.C., attended by South Korean Deputy Prime Minister and Finance Minister Choi Sang-mok, Trade Minister Ahn Duk-geun, U.S. Treasury Secretary Wally Adeyemo (on behalf of Secretary Janet Yellen), and Jamieson Greer, representing the Office of the U.S. Trade Representative (USTR).

Under the Trump administration, reciprocal tariffs had been temporarily suspended for 90 days, with the grace period set to expire on July 8.

Deputy Prime Minister Choi said both sides agreed to aim for a “July package” before the July 8 deadline, focusing discussions on four key areas: tariff and non-tariff measures, economic security, investment cooperation, and currency and exchange rate policies.

“This shared understanding laid the groundwork for a calm and orderly negotiation process,” Choi said. He noted that the Korean side explained domestic considerations such as the upcoming election, trade-related legislation, and the need for coordination with the National Assembly—asking for U.S. understanding on these matters.

Trade Minister Ahn added that working-level discussions will begin next week to determine the scope and format of future negotiations with the goal of reaching the package agreement by July 8. “We reiterated our request for the full exemption of current and future tariffs, including those on autos and steel,” he said.

The two countries also reached a preliminary agreement on a future consultation framework and plan to convene another working-level meeting between Korea’s Ministry of Trade, Industry and Energy and the USTR soon. Additional high-level talks will take place during the APEC Trade Ministers' Meeting in Seoul on May 15–16, when Greer is scheduled to visit Korea.

Choi said Korea’s Ministry of Economy and Finance and the U.S. Treasury Department also agreed to address currency policy in a separate track, with practical talks expected soon.

“Today’s 2+2 meeting served as a starting point for narrowing the agenda and forming consensus on the consultation timeline, effectively laying the foundation for future negotiations,” Choi concluded.