South Korea and the United States have agreed to craft a package of deals on tariffs and economic cooperation by early July.

Finance Minister Choi Sang-mok announced the agreement on Thursday after the “two-plus-two” trade talks in Washington with Trade, Industry and Energy Minister Ahn Duk-geun, U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer.

Choi said the two sides reached a consensus that South Korea will prepare a “July package” for removal of the U.S. reciprocal tariffs before July 8, when the 90-day grace period is set to end, and that both countries will continue to hold talks on tariffs, nontariff measures, economic security, investment and foreign exchange policies.

The finance minister said Seoul informed Washington that the process could be affected by South Korea’s political situation, domestic trade laws and the need to cooperate with the National Assembly, and asked for its understanding. 

The two sides agreed to hold working-level consultations soon between South Korea’s industry ministry and the Office of the US Trade Representative.

The two nations will also hold additional high-level talks when Greer visits South Korea to attend the Asia-Pacific Economic Cooperation Trade Ministers’ Meeting, set for May 15 and 16.