South Korea Aims for US Trade Deal Before Aug. 1 Deadline
MT Newswires Live07-08
The US effectively extended its tariff grace period on Korean imports by 8.1 days, with 25% tariffs still set to take effect on Aug. 1, the Ministry of Trade, Industry, and Energy said Tuesday.
A letter released via Truth Social confirmed that transshipped Korean goods will also face higher tariffs, and warned of three years of retaliatory tariffs if South Korea retaliated in kind.
The Ministry of Trade, Industry and Energy said it had held intense talks prioritizing national interest. Officials plan to use the remaining period to reach a mutually beneficial agreement.
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