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Kim Jung-kwan (left), South Korea’s trade minister, shakes hands with U.S. Commerce Secretary Howard Lutnick at the Commerce Department in Washington, D.C., on July 24. Yeo Han-goo, Korea’s chief trade negotiator, stands at center. / Source: Ministry of Trade, Industry and Energy

The Wall Street Journal (WSJ) reported on July 29 that U.S. Commerce Secretary Howard Lutnick has asked South Korea to present its “best possible final proposal” for President Donald Trump regarding the ongoing trade negotiations.

According to the report, Lutnick told Korean Trade Minister Kim Jung-kwan and Trade Negotiator Yeo Han-goo during talks in Scotland on July 26 that Seoul must “bring it all,” including every possible concession, to convince Trump why a new trade deal with Korea is necessary given that the U.S. has already signed agreements with the EU, Japan, and the UK.

The final proposal is expected to include more than $100 billion in U.S.-bound investments, a major shipbuilding cooperation initiative dubbed “MASGA” (Make American Shipbuilding Great Again), broader market access for U.S. agricultural goods, higher defense spending, and increased purchases of U.S. arms and goods.

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U.S. President Donald Trump (center right) shakes hands with European Commission President Ursula von der Leyen in Turnberry, Scotland, on July 27, as White House Deputy Policy Chief Stephen Miller (second from right), USTR Chief Jamison Greer (third from right), Commerce Secretary Howard Lutnick (fourth from right), and EU Trade Commissioner Maroš Šefčovič (fifth from right) applaud. / Source: Reuters-Yonhap

WSJ noted that Korean negotiators’ urgent trip to meet Trump’s aides in Scotland highlights Seoul’s determination to reach a deal before the August 1 deadline. Lutnick also pointed out in a Fox News interview, “The Koreans flew to Scotland after dinner to meet [USTR Chief] Jamison Greer—think about how much they want this deal.”

Kim reportedly proposed the multi-trillion-won MASGA project during a July 25 meeting at Lutnick’s New York residence, drawing a favorable response. The project envisions major Korea-U.S. cooperation in reviving the U.S. shipbuilding industry.

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Deputy Prime Minister and Finance Minister Gu Yoon-cheol speaks to reporters at Incheon International Airport on July 29 before departing for Washington, D.C., ahead of his scheduled meeting with U.S. Treasury Secretary Scott Besant on July 31. / Source: Yonhap News

Deputy Prime Minister and Finance Minister Gu Yoon-cheol arrived in Washington on July 29 ahead of final negotiations with U.S. Treasury Secretary Scott Besant scheduled for July 31.

Speaking to reporters upon arrival, Gu pledged to “focus on explaining Korea-U.S. economic cooperation projects, including shipbuilding, and negotiate based on national interest while seeking mutually beneficial outcomes.”

Gu also stressed that the U.S. Commerce Department now has “a better understanding that cooperation with Korea can bring significant benefits to America,” adding that Seoul’s goal remains to lower Trump’s proposed reciprocal tariff rate from 25% to 15%, aligning with the U.S.-EU and U.S.-Japan agreements.

The upcoming talks are widely seen as the last chance to finalize a deal before Trump’s tariff plan takes effect.