Han said that South Korea’s ministers of finance and industry are meeting US treasury secretary Scott Bessent and USTR representative Jamieson Greer on April 24 at 8am.

“Seoul will make an “all-out effort” to find a mutually beneficial solution by “calmly and seriously” consulting with the US under the principle of prioritising national interest,” Han said.

“The consultation process with the US may not be easy and (I am) aware that many expectations and concerns coexist as consultations with the US kick off,” Han said at a meeting with South Korean government officials to discuss the economy.

Han said the discussions would focus on trade balances, shipbuilding and liquefied natural gas.

However, Trump previously said defence cost-sharing would be part of “one-stop shopping” negotiations with Seoul.

Kim Hyun-chong, a foreign policy adviser to the country’s presidential frontrunner Lee Jae-myung, cautioned Han and other cabinet members today against hastily negotiating and making significant concessions to the US, warning that it would jeopardise national interests.

Kim, who heads the liberal party’s task force on trade and security, said the interim government should not be in charge of the negotiations, asserting that no deal is better than a bad deal.

Kim served as South Korea’s trade minister in 2018 when the country renegotiated a free trade deal with the US during Trump’s first term.