The deal will reportedly be pursued by July 8, the day U.S. President Donald Trump's 90-day tariff suspension is due to end.

South Korea and the United States agreed to craft a trade package aimed at removing new U.S. tariffs before the pause on reciprocal tariffs is lifted in July, Seoul's delegation in Washington said after a first round of trade talks.

The U.S. treasury secretary said that "we may be moving faster than I thought, and we will be talking technical terms as early as next week."