Seoul, South Korea - South Korea's deputy prime minister will meet with US Treasury Secretary Scott Bessent next week, ahead of Washington's deadline to reach a trade deal, Seoul's presidential office said Saturday.

President Donald Trump's administration has threatened South Korea with a 25% tariff if a trade deal is not reached by August 1.

"Deputy Prime Minister Koo Yun-cheol and Foreign Minister Cho Hyun are scheduled to meet US Treasury Secretary Scott Bessent and Secretary of State Marco Rubio next week," the presidential office said in a statement.

The statement came during a meeting at the presidential office where Industry Minister Kim Jung-kwan reported on the outcome of his talks with US Commerce Secretary Howard Lutnick on Thursday.

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"The government has pledged to devote its full efforts to concluding trade negotiations with Washington before the August 1 deadline," the statement said.

The presidential office added that Seoul confirmed Washington's "strong interest in the shipbuilding sector" and agreed to work towards mutual cooperation in the industry.

The announcement of the meeting comes after last week's scheduled talks were canceled due to Bessent's "urgent schedule."

South Korea's shipbuilding industry has become a useful bargaining chip for the country as Trump has shown significant interest in the sector.

South Korea ranks as the world's second-largest shipbuilding nation, trailing only behind China.

Amid rising tensions in the Taiwan Strait, the US is turning to overseas shipyards to strengthen its Asia-Pacific operations, casting South Korea as a key military partner.

In 2024, Hanwha Ocean, one of South Korea's largest shipbuilders, became the first non-US company authorized to conduct dry-dock maintenance on a US Navy vessel.