We may be moving faster than I thought, and we will be talking technical terms already next week, said Bessent to reporters at the White House on Thursday.
Bessent did not elaborate on what would be included in a so-called understanding agreement, which according to him could be in place as early as next week.
From South Korea's side, Finance Minister Choi Sang-Mok said that the two sides are aiming for an agreement in early July, before Donald Trump's tariff pause expires.
South Korea, which is threatened by American import tariffs of 25 percent, is a major exporter to the USA and giants like Samsung and car manufacturer Hyundai risk taking a hard hit if the higher tariff rate comes into force.
The Trump administration is in turn pressed by great concern among American economists and investors about what the trade war could cost.
