Washington: U.S. President Donald Trump announced on Friday that his administration is on track to finalize most of its trade agreements with various countries by August 1. This statement comes as nations such as South Korea are actively working towards reaching agreements to lower their "reciprocal" tariff rates ahead of the negotiation deadline.
According to Yonhap News Agency, Trump, during a press briefing at the White House, mentioned that his administration might send letters to nearly 200 countries concerning their tariff rates. He emphasized that these letters would signify the completion of trade deals, stating, "They have a deal. It's done."
South Korea, in particular, is intensifying its efforts to secure a trade agreement with the United States. The country aims to mitigate or eliminate the proposed 25 percent reciprocal tariffs and specific duties on sectors like automobiles and steel, which could significantly impact its export-driven economy.
Trump expressed confidence in the timeline, saying, "Aug. 1 is going to come, and we will have most of our deals finished, if not all," before leaving for Scotland. He further hinted that the conclusion of negotiations with numerous countries might coincide with the dispatch of tariff letters, describing the letters as a binding agreement: "When those letters go out ... the page and a half That means they have a deal. It's done. They pay that tariff and that is the contract essentially."