US President Trump stated his administration aims to finalise most trade deals by August 1, potentially sending tariff letters to nearly 200 countries.

South Korea will prepare a trade package that is mutually agreeable with the United States ahead of minister-level meetings planned next week and a US tariff-pause deadline of August 1, the presidential office said on Saturday.

However, the European Commission, which leads trade policy for the EU, has already prepared a plan to hit back with more than $100bn in tariffs if talks collapse. It comes as EU exporters have already been facing a 10 percent tariff on goods sent to the US since April, on top of pre-existing levies.