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.

New vehicles from the Japanese auto makers Subaru and Honda are seen at a parking lot in the Port of Richmond, as trade tensions escalate after U.S. President Donald Trump said he would impose a 25% tariff on goods from Japan and South Korea starting on August 1,

The United States’ closest security allies in Asia, along with several Southeast Asian countries, have been given another three weeks to negotiate trade deals — or face higher tariffs.