U.S. Urges South Korea to Continue Tariff Talks Until August 1

The United States has urged South Korea to continue negotiations on tariffs until August 1, as the deadline for the actual implementation of tariffs approaches. This message was conveyed during a meeting between the U.S. Secretary of State and South Korea's National Security Advisor. The U.S. has emphasized the importance of close communication to reach an agreement on tariff issues, given the remaining time before the August 1 deadline.

South Korea's President's Office highlighted that the U.S. has requested ongoing dialogue to achieve a mutually beneficial outcome on tariff issues. The discussions took place during a meeting between the U.S. Secretary of State and South Korea's National Security Advisor. The advisor expressed hope that a meeting between the South Korean President and the U.S. President could be arranged soon to advance progress on all current issues. South Korea also emphasized that its pragmatic diplomacy is built on a strong foundation of the Korea-U.S. alliance.

Regarding cooperation in the shipbuilding sector, both sides agreed to closely coordinate their efforts. Strengthening capabilities across government and industry sectors is seen as crucial for driving practical and mutually beneficial cooperation in this area. The U.S. has also indicated that it will sign an executive order to postpone the tariff negotiation deadline to August 1. This move is part of a broader strategy to manage trade relations with key partners, including South Korea and Japan.

The U.S. President has announced that starting from August 1, 2025, a 25% tariff will be imposed on all products imported from Japan and South Korea. This decision comes as part of a broader trade strategy aimed at addressing perceived imbalances and protecting domestic industries. The U.S. has also stated that if Japan and South Korea retaliate with their own tariffs, the U.S. will respond by imposing an additional 25% tariff.

The U.S. Commerce Secretary has clarified that the increased tariffs will take effect on August 1, but the exact tax rates and terms of the agreement are still being determined. The U.S. President has previously announced a 10% basic tariff rate on most countries, with plans to adjust these rates based on ongoing negotiations. The U.S. has also indicated that it will continue to engage in discussions with other countries to finalize trade agreements, with a deadline set for July 9. If agreements are not reached by this date, the U.S. may impose higher tariffs on affected countries.