South Korea says a U.S. trade deal is possible before the APEC summit

South Korea is increasingly hopeful it can reach a trade deal with the U.S. before a major Asian summit in Gyeongju at the end of the month.

Kim Yong-beom, a top policy official, said the Seoul delegation made “substantial progress” during a trip to Washington to work through sticking points with Commerce Secretary Howard Lutnick and other U.S. officials.

“The possibility of a resolution by the Asia-Pacific Economic Cooperation (APEC) summit has increased compared to before the visit to the U.S.,” Mr. Kim told reporters Sunday upon returning to Incheon Airport. “However, there are still one or two remaining issues that require coordination.”

Mr. Kim was quoted in The Chosun Daily and other Korean media outlets.

Mr. Trump is expected to attend the APEC summit Oct. 31-Nov. 1.

Seoul is trying to finalize a trade deal-in-principle it struck with the White House in late July.

Under the terms, the U.S. would impose a 15% tariff on South Korean goods, instead of a higher levy, and South Korea would invest $350 billion in U.S. projects.

The deal followed a template set by Japan, which called for Tokyo to invest $550 billion in U.S. projects at Mr. Trump’s discretion.

But South Korean President Lee Jae-myung said the country needed safeguards to fulfill the $350 billion investment, such as a currency swap. He said South Korea would face a financial crisis without it.

Mr. Kim said both sides were still trying to iron out some issues related to South Korea’s commitment.

Business leaders from top Korean conglomerates, including Samsung, SK and Hyundai Motor, golfed at Mr. Trump’s club during the president’s visit to Florida over the weekend.

In the U.S., Treasury Secretary Scott Bessent recently said the administration was nearing a deal with Seoul.

“I think we are about to finish up with Korea,” Mr. Bessent said last week in a wide-ranging discussion with CNBC’s Sara Eisen. “The devil is in the details.”