South Korea, US Continue Trade Talks Ahead of August Tariff Deadline

The United States and South Korea are engaged in ongoing negotiations aimed at reaching a comprehensive tariff deal before August 1 to avoid the imposition of 25 percent reciprocal tariffs on Korean goods, including steel and automobiles. South Korea is seeking reductions in these tariffs by proposing cooperation on strategic sectors such as shipbuilding, semiconductors, batteries, investment, procurement, and security. Key issues on the table include easing sector-specific tariffs, particularly on automobiles, and expanding agricultural market access, with beef and rice among the discussed items. High-level talks have involved South Korean ministers and U.S. officials, including Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer, although some meetings faced scheduling challenges. Both sides reaffirm the importance of collaboration in strategic industries and express commitment to reaching a mutually beneficial agreement before the deadline. South Korea faces added pressure as Japan recently secured a trade deal with the U.S. that lowered reciprocal tariffs to 15 percent in exchange for opening its markets, increasing the urgency for Seoul to finalize its own agreement.