NEW: Scott Bessent says trade 'agreement of understanding' with South Korea may come next week

On Thursday, Treasury Secretary Scott Bessent said that a trade agreement with South Korea “may be moving faster” than initially expected, and that an “agreement of understanding” on trade may be agreed upon as soon as next week.

Bessent told reporters in the Oval Office, "We had a very successful bilateral meeting with the Republic of South Korea today. We may be moving faster than I thought — and we will be talking technical terms as early as next week."

“As we reach an agreement of understanding as soon next week. So South Koreans came early, they came with their A game, and we will see if they follow through on that,” Bessent added.

Last week, Bessent invited South Korean finance minister to come to the United States and engage in a meeting to discuss trade relations. At the time, he said he was in talks with a number of other countries as well as South Korea, per Reuters.

At the time, Bessent said that countries such as Japan as well as South Korea would have a "first mover advantage" in their dealings with the US, and that it would be of benefit if they could produce an "agreement in principle" at a fast pace.

The potential deal comes after President Donald Trump implemented slew of tariffs earlier in April, many of which were later suspended for 90 days as countries work out better trade deals with the US. The tariffs, with the exception of a widespread 10 percent tariff, were lifted from most countries except for China, which is currently facing a tariff on goods at 145 percent if they are imported into the US.