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 is counting on cooperation with the White House to reach an agreement on tariffs. The fourth-largest economy in Asia aims to finalize a deal with Donald Trump by July 8, reports CNBC. These agreements are the outcome of recent bilateral talks in Washington.