In a dramatic escalation of his protectionist trade agenda, U.S. President Donald J. Trump announced on July 7 that the United States will impose a 25 percent reciprocal tariff on all South Korean exports beginning Aug.

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

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.