South Korea-US Mutual Tariff Negotiations Begin, Seoul Seeks Extension
Critical bilateral talks between South Korea and the United States regarding mutual tariffs commenced on July 5th in Washington, as the deadline for the current grace period approaches on July 8th. High-Stakes Diplomatic Mission Trade Minister Yeo Han-koo arrived in Washington to engage in intensive negotiations with US Trade Representative Jamieson Greer and other senior officials. The discussions represent a crucial juncture in South Korea-US economic relations, with potentially far-reaching implications for bilateral trade. The Trump administration has significantly escalated pressure by raising the proposed mutual tariff rate from 50% in April to as high as 60-70%, creating urgency for both sides to reach an agreement. Background and Current Situation The mutual tariff implementation date has already been adjusted once, moving from July 9th to August 1st. However, with the current grace period set to expire on July 8t...