South Korea's central bank held interest rates steady on Thursday but a majority of board members signalled another rate cut in the next three months and warned of "significant" economic uncertainty from U.

The US sets reciprocal tariffs of 25% for Japan and South Korea. Both countries vowed to accelerate negotiations within three weeks.

President Donald Trump announced on Monday that he is levying tariffs against South Korea and Japan beginning in August. Trump

South Korea's central bank held interest rates steady on Thursday, as policymakers steered a cautious path amid concerns about financial stability risks stemming from rising household debt and economic pressure from U.

On Monday, President Donald Trump announced 25% taxes on products from Japan and South Korea, in addition to the threat of higher potential tariffs on goods from those nations if they raise their tariffs on American goods.

The president has already threatened an additional 10% tariff on goods from countries aligning themselves with a bloc of nations that includes China and Russia.

South Korea said it planned to intensify trade talks with the United States and considered U.S. President Donald Trump's plan for a 25% tariff from August 1 as effectively extending a grace period on implementing the duties.

The Korea Customs Service has nabbed two local companies on charges of illegally exporting steel products to the European Union (EU) without paying tariffs.