Trump's Tariffs: South Korea to intensify U.S. trade talks ahead of August

AWANI

South Korea is intensifying trade talks with the U.S. after receiving U.S. President Donald Trump's notice of a 25% tariff starting August 1, viewing the delay as a brief grace period.

Transcript

00:00South Korea plans to step up trade talks with Washington,

00:04viewing US President Donald Trump's proposed 25% tariff from August 1

00:08as effectively allowing a grey spirit before duties are imposed.

00:13This follows Trump's letter to Seoul and 14 other trading partners

00:16of the higher tariffs sent today.

00:20South Korea's industry ministry said it will work to improve domestic systems

00:25and regulations to address the trade deficit, a key US concern.

00:30According to Korea Customs Service data,

00:32South Korea recorded a US$55.6 billion trade surplus with the US in 2024,

00:39up 25% from 2023, driven by rising car exports.

00:44In Trump's letter to South Korea's President Lee Jae-myung,

00:48he said the relationship had been far from reciprocal,

00:51inviting South Korea to propose measures to open its markets

00:55and remove tariff and non-tariff barriers.

00:58He added that while the 25% tariff would apply to all South Korean products,

01:03assumptions would be granted for goods manufactured in the US.

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