Washington: U.S. President Donald Trump has intensified his demands on trading partners to open their markets, warning of "much higher tariffs" if they fail to comply. As the August 1 negotiation deadline looms, countries like South Korea are under mounting pressure to finalize trade agreements with the Trump administration.
According to Yonhap News Agency, Trump's statements came via a social media post following the announcement of a new trade agreement with Japan. The deal introduces a 15 percent "reciprocal" tariff on Japanese goods entering the United States, a figure notably lower than previously proposed.
Trump's message on Truth Social was unequivocal: "I WILL ONLY LOWER TARIFFS IF A COUNTRY AGREES TO OPEN ITS MARKET. IF NOT, MUCH HIGHER TARIFFS! Japan's Markets are now OPEN (for first time ever!). USA BUSINESSES WILL BOOM!"
During a press briefing, White House Press Secretary Karoline Leavitt reiterated the administration's stance, emphasizing the repercussions for countries that do not open their markets to U.S. products. "If not, they will continue to face tariffs and pay a steep price to do business in the United States of America, which remains the best market on the face of the planet," Leavitt stated.
Trump's comments come at a crucial time for South Korea and other trading partners, as they seek to mitigate the effects of reciprocal tariffs introduced in April. These tariffs aim to address barriers to American exports and have prompted South Korea to engage in intensive government efforts to avoid the proposed 25 percent reciprocal tariffs and additional sector-specific tariffs impacting steel, aluminum, and automobiles.