FX.co ★ South Korea Eyes Tariff Deal with U.S. Ahead of August Deadline

South Korea announced on Monday a potential "in-principle" trade agreement with the United States could be in sight prior to the August 1 deadline, according to reports from local media. After engaging in high-level discussions in Washington, Trade Minister Yeo Han-koo acknowledged that while the 20-day timeframe is insufficient for a comprehensive agreement, a fundamental framework might be established, paving the way for subsequent negotiations. South Korea aims to circumvent "unfair" U.S. tariffs, particularly those affecting steel and automobiles, which are pivotal to its industrial prowess and its partnership with its primary security ally. Minister Yeo also suggested the possibility of concessions regarding agricultural market access, emphasizing a need for "strategic judgment," although certain sensitive sectors might continue to require protection. These discussions are set against the backdrop of the looming implementation of a 25% U.S. tariff on August 1. President Trump remarked on Sunday, "South Korea wants to make a deal right now," but did not disclose specific details of the deal.