Seoul officials make all-out efforts to strike deal with U.S. before Aug. 1 tariff enforcement

The clock is ticking as the Lee Jae Myung administration looks to clinch a deal with Washington, to swerve the 25 percent reciprocal tariffs going into effect this Friday.

Senior officials are making last-minute efforts to engage with their American counterparts.

Oh Soo-young reports.

Just days before the August 1st deadline for Washington's reciprocal tariffs, pressure is mounting for South Korean officials, as they aim to strike a trade deal with the United States.

As of Monday, Seoul's Trade Minister Kim Jung-kwan has reportedly flown from the U.S. to Europe in a last-ditch attempt to engage with Trump administration officials, following the U.S.-EU Summit in Scotland.

This comes ahead of the delayed two-plus-two talks between South Korea and the U.S.' trade and finance-related ministers.

Citing a scheduling conflict, U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer last Friday postponed the meeting to July 31st --one day before the 25 percent duties on Korean goods take effect.

Finance Minister Koo Yoon-chul received the cancellation notice just one hour before he was due to take off to Washington D.C.

He will instead leave on Tuesday to meet with Bessent on Thursday local time.

The U.S. has been demanding greater access to the agricultural market, as well as digital and auto sectors.

According to local media, Seoul is expected to leverage America's interest in Korean shipbuilding.

Trade Minister Kim last week proposed a multibillion-dollar "Make American Shipbuilding Great Again" plan, which was reportedly received with "strong interest" by U.S. Commerce Secretary Howard Lutnik.

There's also growing speculation that a bilateral investment fund, modeled after Japan's 550 billion dollar deal, could be on the table.

Seoul is reportedly reviewing plans to expand its proposed investment beyond the initial 100 billion, involving the country's largest conglomerates such as Samsung, SK, Hyundai Motor, LG and Hanwha.

Foreign Minister Cho Hyun is also set to meet U.S. Secretary of State Rubio in parallel talks on Thursday in D.C., for what could be a final opportunity to reach a breakthrough.

Oh Soo-young, Arirang News.