South Korea’s new industry minister Kim Jung-kwan said on Monday that tariff talks with the US are in a critical phase that could result in all kinds of possible scenarios, according to the ministry.

Kim pledged an all-out effort to smoothly wrap up the talks as August 1, the date when the US has said its “reciprocal” tariffs will take effect, approaches, the ministry said.

South Korea’s national security adviser, Wi Sung-lac, has headed to Washington, authorities said on Sunday, and media reports have said other ministers including Kim could also travel to the US this week to sit down with their counterparts.

Wi told Hankyoreh newspaper before flying to the United States that his goal was to lower tariff rates.