South Korea ’s parliament approved a 31.8 trillion won (US$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 US tariffs.

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,

Seoul has requested to be exempted from all U.S. reciprocal and product-specific tariffs at the first high-level talks under the administration of South Korean President Lee Jae Myung, the South's Trade Ministry said.