During a meeting on Thursday between Bessent, U.S. Trade Representative Jamieson Greer, South Korean Finance Minister Choi Sang-mok and South Korean Trade Minister Ahn Duk-geun, the officials agreed to "further productive discussions, including on currency policy," the Treasury said in a separate statement.

The Office of the US Trade Representative (USTR) said that South Korea and the United States agreed to seek "expedient and meaningful" progress toward "reciprocal and balanced" trade during a bilateral meeting in Washington the previous day.

The US and South Korea could reach an “agreement of understanding” on trade as soon as next week, Treasury Secretary Scott Bessent said Thursday, following talks between the two nations.