South Korea said it planned to intensify trade talks with the United States and considered U.S. President Donald Trump's plan for a 25% tariff from August 1 as effectively extending a grace period on implementing the duties.

United States President Donald Trump on Monday extended a pause on his sweeping reciprocal tariffs to August 1, while also sending “tariff letters” to some countries, warning they would be subject to new tariff rates if they failed to reach a trade deal with the US by the new deadline.

Tokyo and Seoul were staring down the threat of 24% and 25% tariffs, respectively, before the president fired off the letters Monday.

President Donald Trump has officially delayed imposing higher tariffs on US imports, while sending letters to 14 countries including Japan and South Korea detailing the levies they face. The latest development comes as a 90-day pause the White House placed on some of its most aggressive import taxes was set to expire this week.

The US is South Korea’s second-largest export destination after China. Read more at straitstimes.com. Read more at straitstimes.com.