A senior South Korean government official on Monday ruled out that it would agree to a trade package with the United States by the Asian country's presidential election on June 3, and flagged challenges to reaching a deal even before early July.

South Korea is bracing for the impact of the Trump administration's tariffs, as reflected in its economic downturn and lowered growth forecast.

South Korea’s economy contracted in the first quarter after large-scale wildfires and political turmoil over its president’s impeachment suppressed consumer sentiment and business activities.