Race Against Time: South Korea's Urgent Trade Talks with the US

South Korea is racing to hammer out a trade deal with the United States by August 1. The focus centers on avoiding hefty tariffs and securing fair industrial cooperation. Despite progress, sensitive areas like agriculture require strategic decisions. Meanwhile, the U.S. seeks tariff reductions on auto and steel imports.

In a high-stakes diplomatic effort, South Korea is striving to secure a trade agreement with the United States by the fast-approaching August 1 deadline. Key negotiations focus on preventing sweeping tariffs that could disrupt industrial collaboration between the two countries, as reported by South Korean Trade Minister Yeo Han-koo.

Reports suggest that South Korea may allow greater market access to its agriculture in exchange for avoiding unfair tariffs on critical industrial sectors. These negotiations have made substantial headway, although both sides aim for more comprehensive discussions to fine-tune the details.

Compounding the urgency is a looming 25% tariff on South Korean exports if a deal is not reached. Political changes in South Korea had initially delayed talks, but ongoing discussions in Washington, including potential tariff cuts on autos and steel, offer hope for an expedited resolution.

(With inputs from agencies.)