South Korea and the United States agreed to craft a trade package aimed at removing new U.S. tariffs before the pause on reciprocal tariffs is lifted in July, Seoul's delegation in Washington said after a first round of trade talks.

South Korea has proposed a “package deal” to Washington to avoid U.S. President Donald Trump’s steep tariffs, its finance minister said Friday, which U.S. Treasury Secretary Scott Bessent said could bring a trade “understanding” by next week.

US Treasury chief Scott Bessent says talks are ‘moving faster than I thought’, and technical terms could be discussed as early as next week.