Koo Yun Cheol, South Korean Finance minister, said on Tuesday that he will seek a trade agreement with mutual benefits when he meets U.S. Treasury Sec. Scott Bessent this week for discussions. This is just days before the August 1 deadline to avoid tariffs expires.

Koo, speaking at the airport, before leaving for Washington, said that he would present at the meeting on Thursday a "program" South Korea has prepared, and consult with the two countries about areas in which they could work together over the medium- to long-term, such as shipbuilding.

Two people with knowledge of the situation said that Hanwha Group in South Korea, parent company of Hanwha Ocean shipbuilder, had presented a major investment proposal to government officials.

Sources who requested anonymity due to the sensitive nature of the matter said that the plan involved expanding the recently acquired Philly Shipyard and Hanwha Group, as well as some of their affiliates.

Local media reported that Hanwha Group Vice Chairman Kim Dong-kwan flew to Washington as well to support the trade negotiations.

Seoul officials are scrambling to reach a deal before the deadline of August 1, which is the date by which President Donald Trump has threatened to reduce or remove tariffs on the key industrial products exported to the United States.

Koo's trip to Washington for discussions with Bessent last week was rescheduled due to a scheduling conflict by the U.S. Treasury chief.

Koo told reporters in a brief statement that Treasury Secretary Bessent is in a key position overseeing the trade negotiations of the Trump administration.

He said: "We will do our best to reach an agreement that allows South Korea and the United States co-exist."

Koo announced that he will join Industry Minister Kim Jung Kwan and Trade Minister Yeo Han Koo in Washington, where they have been meeting with U.S. officials such as Commerce Secretary Howard Lutnick to discuss an "all out response."

Lutnick told Fox News in an interview on Monday that South Korean officials flew to Scotland to meet him.

He said: "Think about how much they want to do a deal."

After a trip to Japan to meet with his counterpart on Tuesday, Foreign Minister Cho Hyun is also scheduled to visit Washington for a meeting this week. (Reporting and editing by Jihoon Lee. Jack Kim, Joyce Lee. Hyunjoo Ji, and Ju-min Park)

(source: Reuters)