The United States of America and South Korea may reach a "memorandum of understanding" on trade as early as next week. This was stated by US Treasury Secretary Scott Bessent, UNN reports with reference to Bloomberg.
Details
After negotiations with the Koreans, he noted, in particular, that "we had a very successful bilateral meeting."
We can move faster than I thought, and we will discuss the technical conditions as early as next week, as we will reach an agreement on a memorandum of understanding next week
At the same time, he did not specify what would be included in the so-called memorandum of understanding with Seoul.
In turn, South Korean Finance Minister Choi Sang-mok said that both sides are seeking to reach an agreement by early July, "before the end of the deferral."
The meeting established a basic framework for further discussions by narrowing the scope of negotiations and forming a consensus on the schedule
The publication adds that South Korea, a key US ally, received 25% of the total import duty, which was temporarily reduced to 10% for 90 days.
Let us remind you
Last week, the acting President of South Korea Han Dok-su reported that Seoul does not plan to "resist" the customs policy of the United States. According to him, everything is due to a "historical sense of duty" to America.
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