Han Kyonh News: US extends deadline for South Korean car tariffs to August 1, high-level secret talks are urgently underway

Han Kyonh News, July 8th report. US President Trump sent a letter to the South Korean president on July 7th, announcing the intention to impose a 25% "reciprocal tariff" on South Korean vehicles exported to the US, but the original July 8th deadline for the tariff suspension has been extended to August 1st. The high-level South Korean delegation in the US is working hard to accelerate negotiations. On July 7th, the head of the National Security Office at the presidential office, Sung Hae, secretly met with US White House National Security Advisor and Secretary of State Marco Rubio under the "highest level of security status" - this meeting was not listed in the official schedule of the US side, highlighting that both sides are urgently reconciling differences through high-level channels.

It is reported that the South Korean Trade Negotiation Bureau Director Yang Han-gyu arrived in the US in advance and has been intensively contacting US Commerce Secretary Howard L. R. and Trade Representative James J. Grier over the past few days, conducting substantive negotiations. South Korea considers the next 24 days as a critical window period, and the Ministry of Trade, Industry and Energy stated that it will "accelerate negotiations to achieve mutually beneficial results." Once the 25% tariff is implemented, it will severely hit the South Korean automotive industry, with brands such as Hyundai and Kia losing half their competitiveness in the US market, while also affecting Chinese suppliers deeply embedded in the South Korean automotive supply chain - in 2019, South Korea's auto exports to the US reached $20 billion, with 15% of core components produced in China. Sources said that South Korea is concerned about the fact that the US simultaneously announced lower than expected tariff rates on Japanese goods, but South Korea still faces difficult choices on key issues such as non-tariff barriers. This negotiation, which affects the East Asian trade pattern, is entering the final sprint stage.

Original article: https://www.toutiao.com/article/1837028016451595/

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