[News Today] Trump letter reads 25% tariff on Korea

[LEAD]
U.S. President Donald Trump has notified South Korea of plans to impose 25 percent reciprocal tariffs on all Korean products. The measure is set to take effect on August 1. South Korea's presidential office called the delay a de facto extension of the grace period and pledged to make a final push in negotiations.

[REPORT]
U.S. President Donald Trump unveiled on social media at 1:20 a.m. Tuesday Korea time a letter addressed to South Korean President Lee Jae Myung.

The letter reads that 25% reciprocal tariffs will be imposed on South Korean products from August 1. The rate is the same as what was announced back in April.

Trump claimed that trade with Korea has been far from reciprocal for a long time and 25% is far less than what is needed to eliminate the trade deficit disparity.

He said that reciprocal tariffs will be separate from all sectoral tariffs but a White House official told Reuters that they will not be stacked on top of sector-specific levies such as auto and steel.

Trump also left open the possibility of considering an adjustment to the letter if Korea eliminates trade barriers.

Karoline Leavitt / White House Press Secretary
That will be provided in this correspondence to these foreign leaders will be going out the door within the next month, or deals will be made, and those countries continue to negotiate with the U.S.

In successive order, Trump unveiled such letters to be sent out to 14 countries including Japan, Vietnam and Malaysia.

He also signed an executive order extending the pause on reciprocal tarrifs to August 1.

This allows three more weeks of negotiation time for U.S. trade partners.

Meanwhile Seoul's national security adviser Wi Sung-lac who is visiting Washington held talks with U.S. Secretary of State Marco Rubio and conveyed hope for a bilateral summit to take place at an early date to advance mutually beneficial outcomes.

According to the presidential office, the U.S. side shared this sentiment and proposed close communication to reach an agreement given the time left until the tariff deadline.

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