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.

South Korea's economy unexpectedly contracted in the first quarter of the year, the country's central bank said Thursday, amid political turmoil at home and global uncertainty around Trump's tariff scheme.

US Treasury chief Scott Bessent says talks are ‘moving faster than I thought’, and technical terms could be discussed as early as next week.