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.

South Korea is relying on cooperation with the White House to reach an agreement on tariffs. The fourth-largest economy in Asia aims to reach an agreement with Donald Trump by 8th July, according to CNBC.

South Korean Industry Minister Ahn Duk-guen said Saturday that the government would “calmly and cautiously” approach its trade talks with the U.S. Ahn told reporters in Seoul after returning from Washington that South Korea would closely watch trade negotiations between other countries and the Trump administration.