South Korean pharmaceutical firm Celltrion said on Tuesday that in an attempt to offset the risk of U.S. tariffs it had become the preferred bidder to acquire a U.S. manufacturing factory from an unnamed global pharmaceutical company.

Asian skin care has been a booming global business for a more than a decade, with consumers in Europe, North and South America, and increasingly the Middle East, snapping up creams, serums and balms from South Korea,

South Korea, facing 25% tariffs, is rushing to reach a trade deal with Washington, with National Security Adviser Wi Sung-lac visiting the U.S. recently for high-level talks and Minister for Trade Yeo Han-koo also in the U.S. for negotiations, as pressure grows on officials to clinch a deal that is no worse than Japan's that cut tariffs to 15%.

South Korean Finance Minister Koo Yun-cheol said on Tuesday he would try to derive a mutually beneficial trade agreement with the United States, in comments ahead of his departure to Washington to meet U.

They’re talking right now, but the decision-maker, of course, is President Trump,” Lutnick said of the state of negotiations with China.

South Korea is seeking trade concessions, including on tariffs and non-trade barriers, in return for accepting the U.S. request to recalibrate the USFK’s strategic posture.

The agreement that Japan secured has added pressure on South Korea to defuse the threat of high tariffs on its exports to the United States.

Chinese Foreign Minister Wang Yi has used his first official phone call with his new South Korean counterpart to call on Seoul to oppose “decoupling” and to pursue an independent foreign policy. In his call with Cho Hyun on Monday,