Seoul reported on Wednesday that three South Korean cabinet officials met U.S. commerce secretary Howard Lutnick for trade discussions in Washington. Top business leaders are also reportedly flying in to lobby for an agreement on U.S. Tariffs.

A spokesperson for the ministry in Seoul said that Koo Yun Cheol, South Korean Finance Minister, joined Kim Jung-kwan, Industry Minister, and Yeo Han Koo, Minister of Trade, who had been in Washington, since last Monday, for two-hours of discussions with Lutnick.

The spokesperson for the finance ministry did not provide details about the discussions. The U.S. president Donald Trump set a deadline of August 1 for the 25% tariffs against South Korea to take effect. South Korea is a U.S. ally, and renowned exporter and producer of steel, chips and autos.

The Wall Street Journal reported on the latest meeting, which came after Lutnick had asked the South Korean team in Scotland to make their best and last offer during a meeting with Kim and Yeo.

The report stated that Lutnick had told South Korean officials to "bring everything" to Trump when making their final offer.

The benchmark KOSPI index in South Korea rose by 0.7% to a four-year high on Wednesday, boosted by the recent flurry U.S. government and corporate officials visited the country. This has raised optimism about the country's ongoing trade negotiations.

Koo, who arrived at Washington on Tuesday, said that he hoped to convince the United States that the package of offers for industrial cooperation and trade, including shipbuilding, was to both allies' benefit.

Koo plans to also meet U.S. Treasury Sec. Scott Bessent while on the visit.

Media reports claimed that the heads of South Korea's biggest global companies had converged on Washington in order to support government negotiators.

According to reports, Hyundai Motor Group chairman Euisun Chung is expected to depart for Washington on Wednesday.

Samsung Electronics

Kim Dong-kwan, vice chairman of Hanwha Group, and Jay Y. Lee, Chairman, were both in Washington, D.C. Hanwha Ocean, whose subsidiary has announced a major US investment plan, was also present.

Hyundai Motor and its affiliate Kia Corp, the third largest automaker in the world, will suffer a significant loss if there is no waiver or reduction of the 25% import duty, given that the U.S.A. is one of their major export destinations.

Kim Yong Beom, South Korea’s chief presidential policy secretariat, said that officials in South Korea were also discussing possible cooperation with other countries on chips, batteries, and biotechnology as part of a package.

Since Japan reached a deal last week to reduce Trump's threatened trade tariffs to 15%, pressure has increased on South Korea. The U.S. and EU trade agreement was signed over the weekend. Trump's top aides are now trying to reach a deal with China.

Cho Hyun, the South Korean foreign minister, will travel to Washington to help with tariff negotiations. (Reporting and editing by Yena park, Joyce Lee, Jack Kim, Ed Davies, Kate Mayberry, Stephen Coates)

(source: Reuters)