New ministers of finance and industry are up against the clock in last-ditch negotiations with the United States as the Donald Trump administration's 25-percent reciprocal tariffs on South Korea are set to take effect on August 1.

Minister of Trade, Industry and Energy Kim Jung-kwan convened an emergency meeting to check up on the ongoing trade negotiation and to gather opinions from related industries, business communities, and the academia.

While the minister called for effective measures covering all industries stressing the gravity of the situation due to openness to all possibilities, he revealed that the two countries are discussing a range of issues, including cooperation in manufacturing and non-tariff barriers.

Finance Minister Koo Yun-cheol, who met with reporters following his inauguration ceremony, said he intends to visit Washington as soon as possible for talks in the nation's interest.

With a bilateral consultation underway for the visit, the minister hinted at the possibility of being accompanied by the industry minister for a "two-plus-two" dialogue.