Trump announced that tariffs would be imposed starting August 1, and the South Korean government responded.

On July 7th, US President Donald Trump announced that starting from August 1st, tariffs of 25% to 40% would be imposed on imports from 14 countries including Japan and South Korea. However, he later stated that this deadline was not “absolutely certain.”
On July 8th, the Ministry of Trade, Industry and Energy of South Korea issued a statement saying that despite intensive negotiations with the US based on national interests prioritization within a short period after the new government took office, it was still insufficient to reach a consensus on all issues. South Korea will accelerate negotiations before the effective implementation of the new tariff rates to achieve mutually beneficial results.
The Office of the President of South Korea said that during a meeting between Wei Shengluo, the Director-General of the National Security Council, and US Secretary of State Mike Pompeo in Washington on July 7th, Pompeo expressed hope that both countries could communicate closely and reach an agreement before the tariffs start on August 1st. (Xinhua News Agency)
Trump’s tariff policy has impacted the global economy.