Tariff countdown: Business insider's take on the future of U.S.-Korea trade

Welcome to Within The Frame, where we bring the most pressing issues across the globe into focus. I'm Kim Mok-yeon.

With the August 1st tariff deadline looming, tensions are escalating between the U.S. and South Korea.

Earlier this month, President Trump announced a 25% "reciprocal" tariff targeting Korean imports — a move that has reignited trade concerns across Asia.

While negotiations are underway, the pressure is mounting on both sides to deliver results within just two weeks.

At the heart of this standoff are long-standing issues: non-tariff barriers, digital regulations, and strategic investments.

To help us unpack what's at stake and where things may be headed, we're joined by Tami Overby — a seasoned expert on U.S.-Korea trade relations. She's the former head for Asia at U.S. Chamber of Commerce and the former President of AMCHAM Korea, and currently a partner at DGA Government Relations in Washington. A big welcome.

Let's begin with the latest development. On July 8th, President Trump released a letter stating that the U.S. would impose a 25% reciprocal tariff on South Korea starting August 1st. Notably, the letter was addressed only to Korea and Japan.

From your perspective as an American economist, how do you read this move? And what do you make of the decision to single out these two countries?

In that context, last week, Korea's chief trade negotiator, Yeo Han-koo, visited Washington for high-stakes talks. How would you assess the Korean government's handling of the negotiations so far?

President Trump has made it clear that if no deal is reached, the tariffs will take effect on August 1st. That said, this would be the third deadline, and some speculate another extension is still possible. In your view, how real is the risk that tariffs will actually be imposed this time?

Looking at your past remarks, you've expressed optimism that a U.S.-Korea trade agreement is still achievable. What gives you that confidence at this stage? And from a strategic standpoint, what do you see as Korea's strongest card in negotiations right now?

Now, to one of the core demands, the U.S. continues to push for the removal of non-tariff barriers, especially in agriculture. Issues like beef and rice imports remain politically sensitive in Korea. Given that, what kind of compromise could realistically satisfy both sides?

Turning to digital trade concerns, Washington has also asked Seoul to ease restrictions on exporting high-resolution maps and to scale back regulations on U.S. tech platforms. These are closely tied to Korea's domestic regulatory sovereignty. How does the Trump administration likely view these issues, and is there room for a calibrated adjustment?

On the investment front, Hyundai Motor Group's $21 billion investment pledge in the U.S. has been seen as a positive signal to the Trump administration. In your view, how much weight do such large-scale investments carry in influencing trade negotiations?

With just two weeks to go before the deadline, what direction should the Korean government take to steer talks toward a resolution? You've stressed that Seoul must demonstrate "genuine intent" — but in concrete terms, what does that look like from Washington's point of view?

And finally, beyond the immediate talks, what structural conditions do you believe are necessary to build a long-term, mutually beneficial U.S.-Korea economic partnership?