Washington: U.S. President Donald Trump's administration is engaged in negotiations with South Korea aimed at reducing trade barriers and improving market access for American businesses, a White House official announced. The discussions are focused on mitigating the impact of the impending 25 percent "reciprocal" tariffs on steel and automobiles, which are scheduled to be enforced by August 1.
According to Yonhap News Agency, South Korea is actively working to reach a trade agreement with the United States to avert these tariffs. The two countries are exploring ways to resolve the trade issues, seeking to conclude negotiations successfully before the deadline.
President Trump remarked earlier that his administration aims to finalize most of its trade agreements with various countries by the beginning of August. He also indicated the possibility of sending communications to nearly 200 countries regarding their tariff rates, suggesting that these communications would signify the completion of trade deals.