South Korea's Deputy Prime Minister Koo Yun-cheol will meet with US Treasury Secretary Scott Bessent next week, ahead of Washington's deadline to reach a trade deal, Seoul's presidential office said on Saturday.

US President Donald Trump's administration has threatened South Korea with a 25 percent tariff if a trade deal is not reached by August 1.

The presidential office said in a statement Deputy Prime Minister Koo Yun-cheol and Foreign Minister Cho Hyun are scheduled to meet Bessent and Secretary of State Marco Rubio next week.

The statement came during a meeting at the presidential office where Industry Minister Kim Jung-kwan reported on the outcome of his talks with US Commerce Secretary Howard Lutnick on Thursday.

"The government has pledged to devote its full efforts to concluding trade negotiations with Washington before the August 1 deadline," the statement said.

The announcement of the meeting comes after last week's scheduled talks were cancelled due to Mr Bessent's "urgent schedule". (AFP)