A senior South Korean official ruled out reaching a trade deal with the US before the country’s 3rd June snap election, citing challenges in finalising the agreement by early July.

Last week, the US and South Korea agreed to work on a trade package to remove new US tariffs before a pause in reciprocal tariffs is lifted on 8th July.

South Korea’s acting president and political situation complicate any firm commitments on major projects like energy and defence costs, making a quick agreement difficult.

Park Sung-taek, Vice Minister of Trade, Industry, and Energy, called it “theoretically impossible” to finalise a comprehensive trade package before late May or early June due to South Korea’s political context.

The US is focused on sealing trade deals with key partners before the 8th July deadline, but South Korea expressed doubts about reaching an agreement within the next 70 days.

South Korea has requested exemptions from tariffs on autos, steel, and other goods and offered cooperation on shipbuilding, energy, and addressing trade imbalances.

South Korea wants to explore a $44 billion LNG project with the US and plans to send a working-level delegation to Alaska to assess the business feasibility.

The two countries will discuss four key areas, including tariff exemptions, economic security, investment cooperation, and currency policy, with meetings expected to begin next week.

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