SEOUL: South Korea and the US have agreed to work toward a "July Package," a comprehensive package deal aimed at eliminating US tariffs on Korean exports before July 8, when the 90-day grace period on US "reciprocal tariffs" expires,

South Korea and the United States agreed to craft a package of deals aimed at removing new U.S. tariffs before the pause on reciprocal tariffs are lifted in July, Seoul's delegation said after the first round of trade talks in Washington.

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 an agreement with Donald Trump by July 8, reports CNBC.