South Korea Strikes Crucial U.S. Tariff Deal

In a strategic move, South Korea's industry minister revealed on Monday that the nation successfully avoided a potential economic setback by finalizing a U.S. tariff deal. This agreement is crucial in steering clear of the worst-case scenario that could have heavily impacted the country.

Industry Minister Kim Jung-kwan shared these developments during a pivotal meeting involving business groups and academic figures. Despite the successful negotiation, there remain significant concerns about the viability of exporters' profits under the upcoming 15% tariff rate.

The minister's discussions highlight the delicate balance needed to maintain South Korea's economic stability while navigating international trade agreements and their implications on domestic industries.

(With inputs from agencies.)