Sejong, South Korea (Reuters) – With just weeks to go before South Korea’s snap presidential election, a senior government official made it clear on Monday: a major trade deal with the United States won’t be happening anytime soon.
Speaking candidly with reporters, Park Sung-taek, Vice Minister of Trade, Industry and Energy, said it’s “theoretically impossible” to finalize a comprehensive agreement by late May or early June. “We explained our political situation fully to the U.S. during the talks, and thankfully, they understand the unique challenges we are facing,” Park added.
The two countries had kicked off formal negotiations just last Thursday, hoping to craft a trade package that could ease looming U.S. tariffs before a critical July 8 deadline. But South Korea’s internal political turmoil has complicated matters: the nation is heading to the polls on June 3 after former President Yoon Suk Yeol was ousted over his brief imposition of martial law last December.
With an acting president now leading the country, analysts point out that it’s tough for Seoul to commit to big decisions — especially on sensitive issues like energy projects and defense spending.
The U.S., meanwhile, is eager to fast-track deals with key partners like Japan, South Korea, and India before its own summer deadline. Park admitted that while both sides are making efforts, reaching a meaningful agreement within 70 days will be “very challenging,” even if there’s strong political will from Washington.
South Korea has been pushing for exemptions on tariffs for items like autos and steel and has also offered greater cooperation on shipbuilding, energy, and trade imbalance issues.
“We’re navigating uncharted territory,” Park said, reflecting the uncertainty that lies ahead for both sides.
(Reporting by Hyunjoo Jin; Editing by Ed Davies)
