Trump says Aug. 1 tariff negotiation deadline won't be extended
His remarks in a social media post came as his administration's "reciprocal" tariffs, including 25 percent duties on South Korea, are set to go into force on Friday unless a deal is struck.
"THE AUGUST FIRST DEADLINE IS THE AUGUST FIRST DEADLINE — IT STANDS STRONG, AND WILL NOT BE EXTENDED," he wrote on Truth Social. "A BIG DAY FOR AMERICA!!!"
Meant to address trade barriers to American exports, the steep reciprocal tariffs took effect on April 9, but Trump placed a 90-day pause on them on the same day to allow for negotiations. Later, Trump extended the pause, saying the new levies will take effect on Aug. 1.
In a separate post, Trump accused India of having "the most strenuous and obnoxious non-monetary trade barriers of any country," saying that the country will pay 25 percent tariffs, starting Friday.
The Trump administration has so far reached a trade deal with Britain, the European Union, Japan, Indonesia, Vietnam and the Philippines. (Yonhap)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
9 hours ago
- Korea Herald
FM Cho says Lee-Trump summit unlikely to be delayed to next month
Foreign Minister Cho Hyun said Sunday last-minute coordination to set a date for a summit between President Lee Jae Myung and US President Donald Trump is under way, noting the envisioned meeting will not be delayed to next month. Last week, Trump announced that Lee will visit the White House in two weeks, as he announced Washington has agreed to lower "reciprocal" tariffs on South Korea to 15 percent from the proposed 25 percent in return for massive investments and market opening. Cho made the remark as he arrived in Seoul after back-to-back visits to the United States and Japan for his first talks with his counterparts since the launch of the Lee administration in June. Cho said his US visit, which included meetings with senior officials, including Secretary of State Marco Rubio, served as an occasion to reaffirm Washington's commitment to extended deterrence. "(We) reaffirmed the steadfast South Korea-US combined response posture, and extended deterrence and agreed to continue to cooperate going forward," Cho said. When asked about the Trump administration's push to "modernize" the alliance, Cho said the move involves taking various necessary measures, such as strengthening defense capabilities in the face of a stern international security environment, while brushing off concerns such push will affect Seoul's ties with China. Cho said in-depth talks over a possible role change of US troops in South Korea did not take place, saying the two sides agreed to discuss additional matters in working-level talks going forward. Addressing the possibility the US may seek to reset security issues following the tariff deal, Cho said he believes the allies could reach mutually beneficial agreements in the defense sector. (Yonhap)
Korea Herald
11 hours ago
- Korea Herald
Lee calls for measures to curb fake news on YouTube
President Lee Jae Myung has instructed the government to draw up measures to fundamentally prevent the spread of fake news through online platforms, like YouTube, minutes from a Cabinet meeting held in June showed Sunday. "There are too many instances where fake news is used to earn money," Lee was quoted as saying in the minutes from the June 19 meeting disclosed by the interior ministry. "Resorting to illegal actions to earn money should be fundamentally prevented." Lee suggested imposing punitive measures, such as exemplary damages, on such YouTubers, urging the justice ministry to review relevant measures. During the meeting, Lee asked then Foreign Minister Cho Tae-yul about whether the Vietnamese people request an apology from South Korea, in an apparent reference to the massacre of civilians by South Korean troops during the Vietnam War. He then said South Korea should do its best in its ties with Vietnam and ordered the government to review measures, such as accepting more foreign workers from the Southeast Asian country, as part of humanitarian efforts. Lee also called on the land ministry to reform the public housing system to prevent property price hikes and retrieve returns from such housing projects to the public sector, according to the minutes. (Yonhap)
Korea Herald
15 hours ago
- Korea Herald
Trump's China tariffs reshape US ESS market, offer boon for Korean batteries
The market for energy storage systems, or ESS, in the US is at a critical juncture, as Korean battery-makers move to fill the gaps left by domestic players hurt by tariffs. Oregon-based Powin, once a top-three ESS integrator, filed for bankruptcy after tariff-driven costs on Chinese battery imports surged, exposing how vulnerable US firms are to foreign supply shocks. According to recent media reports, Powin, headquartered in Oregon, filed for Chapter 11 bankruptcy protection last month at a court in New Jersey after piling on more than $300 million in debt. The Chapter 11 filing will enable the company to operate under court supervision while restructuring its finances. The main factor behind Powin's collapse was its inability to find alternative suppliers for battery cells outside of China. The company predominantly sourced lithium iron phosphate, or LFP, battery cells from Chinese battery-makers, including CATL, and integrated them into its ESS products. Powin has reportedly suffered from project delays or even renegotiations with clients due to supply chain disruptions arising from its dependence on China-focused battery sourcing. Last month, the company said in a statement that its 'significant financial challenge' was 'reflective of ongoing headwinds in the broader energy storage industry.' Chinese-made ESS batteries imported into the US are currently subject to a 40.9 percent tariff, which is anticipated to rise to 58.4 percent next year. Changing tables at LG's lead Industry insiders indicate that while Trump's strategy to curb US reliance on the Chinese battery supply chain may come at the expense of domestic companies like Powin, it is likely to open doors for Korean battery-makers. Notably, LG Energy Solution, the only company capable of manufacturing LFP ESS cells in the US at its Michigan facility, is moving fast to capitalize on this emerging market with no clear leader. The company was recently reported to have secured a 6 trillion won ($4.3 billion) deal to supply LFP batteries for Tesla's ESS products. Tesla was considered a promising US company to start LFP cell manufacturing for its ESS lineups, such as Megapack and Powerwall, at its Nevada facility. But its production capacity will apparently not be enough to meet market demand. During its second-quarter earnings conference call, LG Energy Solution also hinted at the possibility of converting portions of the production lines at its joint venture facilities in the US with global automakers -- likely the second plant with General Motors in Tennessee -- from electric vehicle manufacturing to ESS. It aims to increase its capacity from a potential 17 gigawatt-hours by the end of this year to 30 gigawatt-hours by 2026. The Tennessee plant, with an annual capacity of 50 gigawatt-hours, could potentially secure an additional 10 gigawatt-hours for LFP production. This is based on last year's 40 percent operational rate and the potential allocation of half its capacity to LFPs. 'Utilizing a joint venture facility with GM is an efficient move to streamline capital expenditures, while swiftly addressing the fast-growing demand for ESS,' said Lee Ho-geun, a car engineering professor at Daeduk University. 'This strategy could buy time for LG to prepare its third joint plant, acquired from GM, for ESS battery production.' On Thursday, Samsung SDI announced that it will convert a portion of the EV production lines at its joint venture plant with Stellantis in Indiana into ESS lines, with large-scale production for nickel, cobalt and aluminum batteries set to start this year. It looks to produce LFP ESS cells next year. SK On is also gearing up for large-scale manufacturing of LFP cells and has signed a cathode supply deal with L&F Co. for the North American market. Containerized ESS in spotlight Korean companies look to solidify their presence in the US with large-scale, containerized ESS, spurred by the rapid expansion of data centers and the increasing demand for reliable electricity supply solutions. Among the ESS products, ranging from battery packs to containerized systems, containerized ESS is gaining momentum, driven by the rapid expansion of data centers and the increasing demand for reliable electricity supply solutions. 'Compared to small battery packs for residential applications, containerized ESS are more effective in boosting sales and profits because they are considered value-added products,' said an industry source familiar with the matter on condition of anonymity. 'These systems are equipped with various features, including safety mechanisms that control humidity and temperature to protect the battery systems within the container.' Samsung SDI's flagship Samsung Battery Box 1.5, a fully equipped, ready-to-deploy product, is housed within a 20-foot container using nickel, cobalt and aluminum cells, with an energy capacity of approximately 5.26 megawatt-hours. LG Energy Solution's JF2S DC Link, similar in size to Samsung Battery Box 1.5, offers a capacity of approximately 5 MWhs. However, it is powered by more cost-effective LFP batteries.
