US President Donald Trump said that his administration will start sending out letters to trading partners on Friday setting unilateral tariff rates, which he said countries would have to begin paying on Aug.

Trump told reporters he would begin sending countries letters setting tariff rates rather than negotiate 170 trade deals worldwide.

President Donald Trump said Washington will start sending letters to countries on Friday specifying what tariff rates they will face on imports to the United States, a clear shift from earlier pledges to strike scores of individual deals.

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,

South Korean President Lee Jae Myung said Thursday that the country is working hard to strike a trade deal with the United States on impending tariffs but expressed uncertainty about when talks would be concluded.

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