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.

South Korea was one of the first countries to start U.S. trade talks when both sides agreed in April to craft a package aimed at removing tariffs, but it is now seeking an extension to the 90-day pause on 25% tariffs set to expire on July 9.

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