US Secures $350 Bln Deal with South Korea

Former US President Donald Trump announced on Wednesday a significant new trade agreement with South Korea, marking a major shift in economic relations between the two allies.

In a statement published on his social media platform, Truth Social, Trump confirmed that the United States has agreed to impose a 15% tariff on South Korean imports, while South Korean goods entering the US will face no new duties.

This decision follows earlier warnings by Trump to introduce a 25% tariff on South Korean products starting 1 August.

According to US Commerce Secretary Howard Lutnick, the newly established tariff rate will also apply to automobile imports, a critical sector in South Korea’s export portfolio.

Trump further revealed that South Korea will invest $350 billion in the United States. These investments will be under full American ownership and control, with project selections made directly by Trump in his capacity as President.

In addition to the investment pledge, Seoul has reportedly agreed to purchase $100 billion worth of liquefied natural gas (LNG) and other American energy products.

The trade agreement also includes provisions for increased acceptance of US-made goods, such as vehicles and agricultural products, in South Korean markets.