South Korea Seeks Favorable Trade Deal Amidst U.S.-Japan Agreement

South Korea is seeking a trade deal with the United States that is at least as favorable as the recent agreement reached with Japan. Seoul is under pressure to secure a deal by August 1st to avoid potential 25% tariffs. South Korea's industry minister is in Washington for negotiations and is examining the terms Japan accepted, which included a 15% tariff rate and commitments for increased purchases of American goods and investments. Both countries face similar trade issues with the U.S., particularly concerning agriculture and automobiles. South Korea has limited negotiating power due to prior tariff reductions, and despite a revised trade agreement, the U.S. trade deficit with South Korea has grown.