South Korea, US Near Final Tariff Talks Amid August Deadline

With the August 1 deadline approaching, the Trump administration is set to impose reciprocal tariffs on South Korea due to stalled trade negotiations, despite ongoing high-level talks led by South Korean ministers and U.S. officials including Secretary of Commerce Howard Lutnick. The U.S. is pressuring South Korea to address issues such as non-tariff barriers and import restrictions on American beef and rice, with President Trump emphasizing firm standards and no extensions beyond the deadline. South Korea, heavily reliant on manufacturing and exports, faces significant economic risks from these tariffs, prompting emergency meetings and diplomatic efforts to avoid the tariffs’ implementation. Meanwhile, Japan recently secured a trade deal with the U.S., increasing pressure on South Korea to accept stringent terms. Although South Korean officials presented revised proposals, U.S. negotiators remain unsatisfied, and further internal discussions are planned in Seoul. President Trump and key U.S. trade representatives are prioritizing negotiations with the EU and China but remain open to dialogue with South Korea after tariffs take effect.