South Korea Intensifies Trade Talks with U.S. Amid Tariff Concerns

In a bid to counter impending trade tariffs from the U.S., South Korea announced plans to intensify trade talks with Washington. The response comes after U.S. President Donald Trump unveiled plans to implement a 25% tariff on South Korean goods starting from August 1.

The South Korean Ministry of Industry interpreted the announcement as effectively extending a grace period for the implementation of reciprocal tariffs. This period, according to officials, will be used to negotiate mutually beneficial agreements and address the trade deficit concerns that heavily preoccupy the U.S., while also aiming to bolster key industry sectors through a proposed manufacturing partnership.

With only limited time since President Lee Jae Myung took office on June 4, South Korean officials have been in a race against time to secure a viable agreement. Special envoys focused on trade and defense have already been dispatched to the U.S. for ongoing discussions. Lee's administration is reacting swiftly, especially in light of the challenges inherited from his predecessor.

(With inputs from agencies.)