South Korea and the United States have been discussing a shipbuilding tie-up that could include investments to modernise U.S. shipyards and more help to repair the U.S. naval fleet as Seoul seeks better tariff terms,

Less than two months into his presidency, South Korean leader Lee Jae Myung is facing an early diplomatic and economic test, as his top negotiators struggle to make headway in trade talks with the US before higher levies kick in next week.

The two sides will reschedule the so-called 2+2 meeting between Bessent and South Korean Finance Minister Koo Yun-cheol, as well as the top trade envoys of both countries, as soon as possible, the ministry said.