U.S. President Donald Trump reported that his administration is hoping to reach the conclusion of most of its global trade deals by August 1, as countries such as South Korea escalate efforts to reduce mutual tariffs with ongoing talks.
Addressing a press briefing in the White House, Trump announced that the administration could soon send letters to almost 200 nations detailing their individual tariff levels. In his words, such letters would be the signal for the completion of trade agreements. "They have a deal. It's done," he added, clarifying that the one-and-half-page document would essentially amount to a contract when the agreed tariffs are paid.
South Korea has been actively attempting to lock in a good deal with Washington so as not to face the imminent imposition of a 25 percent reciprocal tariff and sector-specific levies on industry areas such as steel and autos—moves that would practically take a big hit at its export-oriented economy, according to South Korea's Yonhap News Agency.
"Aug. 1 is going to arrive, and we will have the majority of our deals completed, if not all," Trump said, before leaving for a trip to Scotland. "When those letters go out. the page and a half. That indicates they have a deal. It's done. They pay that tariff and that is the agreement basically," he repeated.
One White House official termed current talks with South Korea as "productive," looking optimistic for progress in lowering what the U.S. perceives as unfair trade practices and enhancing access for American companies. "We are still having productive negotiations with South Korea to lower unfair trade barriers and enhance market access for American companies," the official wrote in an email to Yonhap.
This upbeat evaluation has spurred guarded optimism of a breakthrough as Seoul has laid out proposals for cooperation in important strategic fields like semiconductors, shipbuilding, and batteries.
In an attempt to move the talks forward, South Korea Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo sat down with U.S. Commerce Secretary Howard Lutnick in Washington on Thursday. These are some of the efforts aimed at concluding a bilateral trade deal by August 1.
Besides, South Korea's Finance Minister Koo Yun-cheol and Trade Minister Yeo also intended to have a "two-plus-two" meeting with U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer. But the meeting was delayed because of a scheduling conflict on Bessent's end.
Trump reaffirmed earlier in the day that the administration's target is still to close the majority of trade deals with different nations by August 1. He again mentioned the planned distribution of letters, stating, "They have a deal. It's done."
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