EU and South Korea Rush to Avoid Trump's Trade Tariff Threats

The EU and South Korea are negotiating trade deals with the U.S. to mitigate impending tariffs. President Trump plans a 30% tariff on imports from the EU and Mexico, sparking global concern. Despite tensions, there's hope for positive trade negotiations, avoiding a trade war escalation.

The European Union and South Korea are urgently working on trade deals with the U.S. to mitigate the impact of impending tariffs announced by President Donald Trump. The U.S. is threatening to impose a 30% tariff on imports from the EU and Mexico starting August 1, creating widespread apprehension about the potential global economic fallout.

EU Trade Commissioner Maros Sefcovic expressed concerns that such a tariff would severely disrupt trade between the U.S. and the EU, which are each other's largest trading partners. Nevertheless, Sefcovic remains hopeful for a favorable resolution through ongoing talks, aiming to prevent a trade war escalation.

As affected countries scramble for deals, South Korea is aiming for an 'in-principle' agreement to circumvent possible tariffs on its key industries. The international community is keen to secure trade agreements to avert economic instability, with European markets already reacting negatively to the situation.

(With inputs from agencies.)