Without a new deal or an extension to the talks, South Korea will face a series of new tariffs from the United States that will significantly impact its economy.

South Korea's Trade Minister Yeo Han-koo said on Friday that he might request an extension of the freeze on U.S. tariffs that is set to expire within days when he heads to Washington for talks with U.

South Korean President Lee Jae Myung says that it remains unclear whether Seoul and Washington can conclude their tariff negotiations by next week’s deadline set by President Donald Trump.