Without a new deal or an extension to the talks, South Korea will face a series of new tariffs from the United States that will significantly impact its economy.

South Korea's Trade Minister Yeo Han-koo said on Friday that he might request an extension of the freeze on U.S. tariffs that is set to expire within days when he heads to Washington for talks with U.

South Korea's top trade envoy Yeo Han-koo again sought exemptions from U.S. President Donald Trump's "reciprocal" tariffs as well as tariffs on items such as automobiles and steel, in a meeting with U.S. Secretary of Commerce Howard Lutnick and U.S. Trade Representative Jamieson Greer, the ministry said in a statement.