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South Korea is racing against the clock to finalize a trade agreement with the United States before August 1, when tariffs on Korean exports could increase to 25%. The government in Seoul is seeking terms at least as favorable as those agreed upon by Japan, which managed to secure a 15% tariff cap.
Discussions are ongoing regarding potential cooperation in the shipbuilding sector, while other contentious issues such as beef and rice imports have been taken off the table. However, failure to reach a trade deal could result in significant tariffs being imposed on approximately 44% of South Korea’s GDP from exports.
In recent years, South Korea has experienced strong growth in its tech sectors, with major players like Samsung Electronics and Hyundai Motor Group leading the charge. Nevertheless, the threat of increased tariffs poses a significant risk to these industries and potentially the broader economy.
Coinpedia understands that the urgency surrounding this situation is evident, as any delay could result in substantial economic losses for South Korea.
Source: coinpedia.org
