WASHINGTON, July 25 (Yonhap) -- U.S. President Donald Trump said Friday that his administration will have most of its trade deals with countries finished by Aug. 1, as South Korea and other trading partners are striving to reach agreements to lower its "reciprocal" tariff rates by the negotiation deadline.

The agreements have been overshadowed by U.S. firms' warnings that the tariffs will affect their bottom lines and prolong uncertainty in the economy.

U.S. President Donald Trump’s trade deal with Japan has sparked fresh optimism that the global economy will manage to avoid getting hit with extremely elevated tariffs, even as many U.S. trading partners still don’t have agreements.