EU, South Korea Seek Trade Deals to Avoid US Tariffs

President Trump has threatened to impose a 30% tariff on imports from the European Union, Mexico, and other nations starting next month, prompting urgent trade negotiations. The EU and South Korea are actively seeking trade agreements with the US to mitigate the impact of these tariffs, with South Korea considering a preliminary deal that could increase US access to its agricultural markets. EU Trade Commissioner Maros Sefcovic and German Chancellor Friedrich Merz have expressed concerns about the severe disruption these tariffs would cause to trade and the German economy, respectively, while Italy has prepared retaliatory measures should talks fail. The EU's trade chief plans to engage with US counterparts to try to resolve the dispute before the tariffs take effect, with the EU extending a pause on retaliatory measures to allow more time for discussions. Additionally, market reactions include declines in US equity futures following Trump's tariff announcement. These developments underscore escalating trade tensions between the US and key global partners amid ongoing diplomatic efforts.