South Korea, tariffs
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President Donald Trump’s trade wars continue. This week, Trump announced 25% tariffs on Japan and South Korea, set to go into effect on August 1. He also announced tariffs varying from 25% to 40% in countries including Myanmar,
South Korean President Lee Jae Myung says that it remains unclear whether Seoul and Washington can conclude their tariff negotiations by next week’s deadline set by President Donald Trump.
Trump said on Tuesday that South Korea should be paying for its own military protection, suggesting the US ally needed to pay more for the US troop presence there, a day after the tariff announcement.
South Korea's parliament approved a supplementary budget on Friday of 31.8 trillion won ($23.3 billion), supporting President Lee Jae Myung's push to bolster an economy grappling with trade headwinds and tepid consumption.
The Trump administration is stepping up pressure on trading partners to quickly make new deals before a Wednesday deadline, with plans for the United States to start sending letters Monday warning countries that higher tariffs could kick in Aug.