South Korea’s parliament and Cabinet approved a $23.3-billion extra budget as new President Lee Jae Myung seeks to revive an economy struggling with weak consumption and mounting trade risks from U.S.

South Korean President Lee Jae Myung says that it remains unclear whether Seoul and Washington can conclude their tariff negotiations by next week’s deadline set by President Donald Trump.

South Korea's Trade Minister Yeo Han-koo will leave for the United States on Friday for tariff talks, just days ahead of the July 9 deadline when U.S. tariffs could rise sharply. Yeo said he would consider requesting an extension of the reciprocal tariff pause,