South Korea said it will fix rules and regulations to address U.S. demand to lower nontariff barriers after U.S. President Donald Trump sent a letter to the Asian ally with a new August deadline to impose 25% rates.
"We see this letter as a de facto extension of the grace period for imposing reciprocal tariffs until August 1,” South Korea’s Industry Ministry said in a statement on Tuesday, vowing to accelerate negotiations to reach a mutually beneficial agreement.
The 25% across-the-board tariff announced by Trump on all shipments from South Korea is same with the level that was set to be implemented on July 9 barring a deal.
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