Last-Minute Negotiations: South Korea's Urgent Bid to Reduce U.S. Tariffs

U.S. President Donald Trump is set to hold discussions with South Korea's trade delegation in a bid to resolve the impending 25% tariffs on South Korean exports. The South Korean presidential office confirmed the meeting on Thursday as pressure mounts to strike a deal before the August 1 deadline.

Donald Trump acknowledged South Korea's existing 25% tariff and expressed interest in their proposal to mitigate it. The Korean ministers, who have been in Washington, met U.S. Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer. The focus remains on industrial cooperation in sectors like shipbuilding, chips, and batteries.

As part of the negotiations, significant business deals are underway, including Samsung's $16.5 billion chip agreement with Tesla and LG Energy Solution's $4.3 billion contract to supply batteries. The outcome of this meeting and the broader negotiations could significantly impact U.S.-South Korea trade relations.

(With inputs from agencies.)