Korea and the United States agreed to draw up a joint tariff-related deal, dubbed the July Package, by July 8, with a focus on four negotiation areas: tariff and non-tariff measures, economic security,

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.

The country is a major exporter to the US and giants such as Samsung Electronics and automaker Hyundai stand to take a hefty hit if the White House goes ahead with its threatened 25 per cent "reciprocal" tariffs.