A South Korean delegation will meet U.S. counterparts on Thursday for an opening round of trade talks, with cooperation on shipbuilding and energy expected to be on the agenda, and possibly shared defence costs,

US Treasury chief Scott Bessent says talks are ‘moving faster than I thought’, and technical terms could be discussed as early as next week.

South Korea’s economy contracted in the first quarter after large-scale wildfires and political turmoil over its president’s impeachment suppressed consumer sentiment and business activities.