U.S. extends reciprocal tariff deadline to August 1

The relief is that the July deadline of the pause on country-specific U.S. tariffs has been extended to August First.

The regret is that South Korea is among the American trade partners to have received a letter unilaterally informing it of a 25-percent tariff.

Our Moon Ji-young has details.

U.S. President Donald Trump signed an executive order on Monday, extending the effective date for reciprocal tariffs to August 1, pushing back the previous July 9 deadline.

Trump outlined the rates in letters to the leaders of countries including South Korea and Japan via Truth Social earlier on Monday, with rates ranging from 25 percent to 40 percent.

Trump originally unveiled the tariffs in April but granted a 90-day reprieve so that countries could strike trade agreements.

"I have the signed letters that went out to both South Korea and Japan today, and there will be approximately 12 other countries that will receive notifications and letters directly from the President of the United States"

In the letter, Trump threatened to impose 25 percent duties on South Korea, with higher duties for items deemed to have been transshipped through Korea from other countries.

Trump stated that the relationship between Seoul and Washington has been quote "far from reciprocal."

He warned that any retaliatory tariffs from Seoul would result in an additional surcharge on top of the 25 percent.

However, Trump did leave open the possibility of an adjustment to the tariff rate for South Korea.

The South Korean government views Trump's letter as an effective extension of the pause on new duties for Korean products.

Seoul has been actively working to avoid or minimize the impact of these steep levies, as well as other tariffs on products such as automobiles, steel, and aluminum.

According to Reuters, these reciprocal tariffs are separate from the sector-specific levies.

In a press release, Seoul's Trade Ministry stated that South Korea will seek to address the trade deficit issue -a major concern of the U.S. -by improving domestic rules and regulations.

It also affirmed its commitment to creating opportunities in core industries through the two countries' "partnership for manufacturing renaissance."

Moon Ji-young, Arirang News.