The two sides will reschedule the meeting between Treasury Secretary Scott Bessent and South Korean Finance Minister Koo Yun-cheol, as well as the top trade envoys of both countries, as soon as possible,

South Korea, facing 25% tariffs, is rushing to reach a trade deal with Washington, with National Security Adviser Wi Sung-lac visiting the U.S. recently for high-level talks and Minister for Trade Yeo Han-koo also in the U.S. for negotiations, as pressure grows on officials to clinch a deal that is no worse than Japan's that cut tariffs to 15%.

US President Trump stated his administration aims to finalise most trade deals by August 1, potentially sending tariff letters to nearly 200 countries.