South Korea Seeks In-Principle Trade Deal with US by August

South Korea is racing to secure an "in-principle" trade agreement with the United States by the August 1 deadline to avoid a 25% tariff on its exports, as confirmed by Trade Minister Yeo Han-koo. While substantial progress has been made in negotiations, especially regarding cooperation in key industrial sectors like autos and steel, time is short to finalize a comprehensive deal. South Korea may need to make strategic concessions in its agriculture market to reach a compromise with the U.S., balancing protection of sensitive areas with broader trade cooperation. President Donald Trump has acknowledged South Korea's urgency to make a deal, though details on timing and terms remain unresolved. Political changes and initial delays in South Korea contributed to the compressed negotiation timeline, but ongoing talks in Washington continue with hopes of averting punitive tariffs. The discussions reflect complex economic and geopolitical considerations as both countries seek to maintain bilateral trade relations.