South Korea is looking for an extension to the July 9 tariff deadline as talks continue. The US has raised concerns over non-tariff barriers and broader defence. South Korea is not the only country looking to reach a deal with the US before the tariff deadline on July 9.
“It seems some countries will reach a deal by July 8, some might be granted an extension to continue negotiations, while others will decide if they want to continue negotiating under tariffs or not,” the South Korean official told a briefing.
Here’s how some of the other trading partners are managing the deadline.
China
The US and China reached a deal to resume rare earth exports in London this month, resolving delays in implementing the Geneva agreement, which was established in May. Both sides are keen to ease tensions before tariffs rise further on August 9, when broader duties could rise 50%.
Canada
Canada scrapped its planned digital services tax targeting US tech firms on Sunday in an attempt to revive stalled talks. President Trump threatened new tariffs within a week if no deal is reached. According to Reuters, talks aim for an agreement by July 21.
EU
EU negotiators are pushing to keep reciprocal tariffs below 10% but Washington is pursuing a 10% baseline rate on most goods. Talks continue as the EU faces a looming deadline of July 9.
UK
The US-UK trade deal was cemented at the G-7 Summit this month. The deal came into force this week, reducing levies on cars and aircraft parts but keeping 10% tariffs on exports. Steel and aluminium tariffs remain unresloved ahead of the July 9 deadline.
Japan
Japan is seeking exemption from US auto tariffs, which currently stand at 25%, while also facing a new 24% reciprocal tariff from July 9. Trump wants Japan to import more US energy to reduce its trade surplus.
Mexico
The US and Mexico are negotiating a quota deal to reduce Trump’s 50% steel tariffs. An agreement may allow for lower import rates.
