[On-point] Korean trade officials in Washington ahead of Aug. 1 tariff deadline

With just a week left until the August 1st deadline, South Korea's trade officials held talks in Washington seeking to reach an agreement with the Trump administration.

For more on this, we're joined by Professor Park Min-jung, Professor at the Department of Business Administration at Kumoh National Institute of Technology.

Professor Park, thanks for joining us this morning.

1. South Korea's trade officials met with U.S. Commerce Secretary Howard Lutnick in Washington. What might have been discussed between the two sides? What exactly is the U.S. asking from Korea, and what cards does South Korea hold in tariff negotiations?

2. Based on the trade agreement Japan reached with the Trump administration, what do you think a deal will look like for South Korea?

3. Japan also succeeded in lowering tariffs on auto imports. Since Japan is one of South Korea's biggest competitors in the auto industry, there are concerns that if Seoul fails to lower its tariffs to a similar level, its competitiveness in the U.S. market could decline. What's your take on this?

4. South Korea is reportedly considering investing at least 100 billion dollars in the United States, backed by major conglomerates such as Samsung, SK, Hyundai Motors and LG. What are your thoughts on this?

5. What can we expect to happen next week, once the higher tariffs take effect on August 1st? How should Korean businesses prepare for the impact, especially given Korea's heavy reliance on the U.S. market?

Alright Professor Park. Thank you so much for your insight today. We appreciate it.