In a tense race against time, South Korea is pushing the United States to extend the deadline for trade negotiations, which otherwise expire on July 9 with dramatic consequences for its exports. If no agreement is reached, tariffs on Korean goods exported to the U.S. will rise from 10% to a crushing 25%.


🔹 Appealing to Washington

According to a senior South Korean trade official, it's highly unlikely that all key points can be resolved by the deadline. Seoul is lobbying hard for more time, but the effort is complicated by the unpredictable stance of Donald Trump's administration.


🔹 Korea Wants More Time – U.S. Hesitates

Newly appointed Trade Minister Yeo Han-koo has already met with U.S. counterparts in Washington in an attempt to negotiate exemptions or relief. Although South Korea is a strategic U.S. partner and a major producer of cars, semiconductors, and batteries, its companies are still facing the brunt of Trump's tariff campaign.


🔹 Export Tax Set to Surge

If no deal is made or deadline extended, the tariff on Korean exports to the U.S. will jump from 10% to 25%, delivering a severe blow to South Korea’s export-driven economy. The country's central bank has already cut its 2025 GDP growth forecast to just 0.8%.


🔹 Trump: “We Can Do Whatever We Want”

Donald Trump hinted that he could extend the deadline—but "probably won’t have to." He added that he’d actually prefer to shorten it, stating at a press conference, “I’d love to send everyone a letter saying: Congratulations, you’re paying 25%.”


🔹 Hopes Rest on Behind-the-Scenes Deals

Treasury Secretary Scott Bessent suggested that some deals might be finalized after the tariff deadline if terms are attractive enough. He mentioned hopes of securing agreements with 10 to 12 key partners by Labor Day.




#SouthKorea , #TRUMP , #TradeWars , #Geopolitics , #Tariffs

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!

Notice:

,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“