Trump puts pressure on countries to open their markets amid tariff negotiations

As countries scramble to strike trade deals with the Trump administration before the August 1st deadline, the U.S. leader raised pressure on trading partners, saying that the tariffs will be lowered only when a country opens its market.

The White House also touted a deal made earlier with Japan.

Lee Seung-jae starts us off.

U.S. President Donald Trump on Wednesday pressed trading partners to open their markets, in order to avoid "much higher tariffs" from the U.S.

The U.S. leader made the remarks in a social media post, stressing that Washington will "only lower tariffs if a country agrees to open its market," adding that those that fail to do so will be met with "much higher tariffs."

Trump also said through such agreements, U.S. businesses "will boom."

The latest remarks put pressure on South Korea and other countries to find ways to open their markets in exchange for the reduced tariff Trump unveiled in April.

Seoul has been pushing to avoid the proposed 25 percent reciprocal tariffs, as well as sector-specific tariffs on steel, aluminum, and automobiles that would be a major blow to its export-reliant economy.

Meanwhile, in touting the recent trade deal made with Japan, which lowers its tariff rate to 15 percent, U.S. Commerce Secretary Howard Lutnick said the 500 billion U.S. dollar investment from Japan in exchange for the lowered rate will give the U.S. the ability to choose where it will be invested.

In an example, Lutnick says if Trump decides to create more antibiotics in the U.S., Japan will fund the project, and give it to a U.S. business that will operate the project,.. while 90 percent of the profits will go to the American taxpayer, and 10 percent to Japan.

The White House said Wednesday that the money could be used to invest in key industries.

"And these funds will be spent at President Trump's discretion and direction into key industries such as energy, semiconductors, critical minerals, pharmaceuticals, and shipbuilding."

The spokesperson said there are still many more countries that need to strike a deal with the U.S., adding that Washington has sent "25 letters to countries around the world."

Lee Seung-jae, Arirang News.