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.

Without a new deal or an extension to the talks, South Korea will face a series of new tariffs from the United States that will significantly impact its economy.

South Korea's Trade Minister Yeo Han-koo will leave for the United States on Friday for tariff talks, just days ahead of the July 9 deadline when U.S. tariffs could rise sharply. Yeo said he would consider requesting an extension of the reciprocal tariff pause,