South Korea said it planned to intensify trade talks with the United States and considers U.S. President Donald Trump's plan for a 25% tariff from August 1 as effectively extending a grace period on implementing reciprocal tariffs.

US President Donald Trump has unveiled letters that threaten to impose higher tariff rates on key trading partners, including levies of 25% on goods from Japan and South Korea beginning Aug. 1. Trump also announced 25% rates on Malaysia and Kazakhstan,

President Donald Trump cranked up the pressure on two of America’s key trading partners, Japan and South Korea, firing off letters Monday to the heads of their countries that informed them of their new tariff rate.