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Recognizing Japan as a formidable competitor in both the automotive and steel industries, South Korea is under increasing pressure to negotiate its own agreement prior to the August 1 deadline. Missing this date could result in 25% reciprocal tariffs. Minister Kim will meet with U.S. Secretary of Commerce Howard Lutnick, among other officials.
US President Donald Trump celebrated the new trade pact on Truth Social, noting that Japan is slated to invest $550 billion in the US and expand market access for American car, truck, and agricultural producers. Meanwhile, South Korean media reported that the US has proposed establishing a significant investment fund aimed at boosting U.S. manufacturing but hasn’t yet specified where the funds will come from.
📚 Reading Comprehension Quiz
According to the passage, what is the deadline for South Korea to negotiate its own agreement with the United States to avoid reciprocal tariffs?
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