US, Korea Reaffirm Pledge to Reach Trade Deal Before Deadline

South Korea and the US reaffirmed their commitment to pursue a mutually beneficial trade agreement ahead of the Aug. 1 deadline when duties are set to rise, the Asian nation’s industry ministry said.

US Commerce Secretary Howard Lutnick and South Korea’s Industry Minister Kim Jung-kwan discussed sectoral and reciprocal tariffs on Thursday, with Kim emphasizing the need to ease trade barriers, according to a statement from South Korea’s Ministry of Trade, Industry and Energy. Both sides agreed to strengthen manufacturing cooperation and continue discussions, the statement showed on Friday.

The meeting came after the US postponed the so-called “2+2” dialogue ...