SEOUL — South Korean President Lee Jae Myung said Thursday that it will likely be “difficult” to reach an agreement with the U.S. on looming tariffs by next week’s deadline but added that he is pursuing a “win-win outcome” as he endeavors to restore economic vigor to his country threatened by trade tensions and a downturn in consumption.
South Korean officials are seeking an extension before U.S. tariffs take full effect on July 9 and Seoul has sent high-level delegations to Washington seeking a reprieve from the levies that stand to hit key exports such as autos and steel. Both sides have pledged to work toward a mutually satisfactory deal but neither has indicated that a breakthrough is imminent.
