SEOUL (Reuters) -South Korea said it planned to intensify trade talks with the United States and considers U.S. President Donald Trump's plan for a 25% tariff from August 1 as effectively extending a grace period on implementing reciprocal tariffs.

Trump announced on July 7 local time, that the United States will impose a 25 percent reciprocal tariff on all South Korean exports beginning Aug. 1. The move, delivered via a letter to President Lee Jae-myung and posted on Trump’s social media platform,

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