“They have a deal, it’s done”: Trump says most U.S. trade agreements will be completed by August 1
U.S. President Donald Trump said his administration will reach most trade agreements with the country as South Korea and other trading partners are working to reach a deal to lower its “reciprocal” tariff rate through negotiation deadlines.
Trump said in a White House press release that his administration could send letters about its tariff rates to 200 countries, saying: “They have a deal. This is done.”
South Korea fights for 25% tariffs
South Korea has been working to reach an agreement with the United States to avoid or reduce the threatened 25% reciprocal tariffs, as well as sector-specific tariffs on automobiles and steel, as these taxes will seriously affect the country’s export-driven economy.
“In the future of August 1, we will finish most of the deals, if not all,” Trump told reporters before his trip to Scotland. “When these letters go out…the page half…that means they have a deal. It’s done.” “They paid this tariff, which is essentially a contract.”
White House confirms “productive” dialogue with Seoul
A White House official said the Trump administration continues to negotiate “productive” with South Korea to reduce “unfair” trade barriers and enhance market access for U.S. businesses.
South Korea has been working to reach a trade agreement with Washington to reduce the “countdown” tariff of 25% threatened and to specific sectors on steel and automobiles by August 1, when reciprocity tariffs were set to take effect.
South Korean industry secretary Kim Jung-Kwan and Trade Secretary Yeo Han-koo met with Washington’s U.S. Commerce Secretary Howard Lutnick on Thursday as part of their trade deal with the Trump administration.
Seoul’s Treasury Secretary Koo Yun-Cheol and Yeo plan to hold a “two-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double-double
(Input with IANS)
