[On-point] How much impact will 25% reciprocal tariffs have on Korean economy?

As the Trump administration continues to pressure Seoul and other trading partners, South Korean goods will be hit with 25 percent tariffs starting August 1st if the government fails to reach a trade deal.

For more on what to expect, we're joined by Professor Lee Yoonsoo, Professor of Economics at Sogang University.

Professor Lee, thanks for joining us this morning.

1. How much impact will the 25-percent reciprocal tariffs have on the Korean economy?

2. It seems the auto and steel industries will likely be the hardest hit, and major steel producers in Korea already saw a decline in revenue in the second quarter. How should these challenges be addressed?

3. What might a possible trade deal look like? What's the minimum Korea must secure in the trade agreement to minimize the impact of tariffs?

4. Unseasonably high temperatures are pushing up food prices, especially for fruits and vegetables. The price of a single watermelon is almost 30,000 Korean won — that's more than 20 dollars. What measures do you think the government will have to take to tame inflation?

5. Starting next week, the Korean government will begin issuing cash voucher handouts. Will this help boost consumer spending and revive the country's economy?

Alright, Professor Lee, thank you so much for your insight today. We appreciate it.