Trump announces South Korea trade deal with $350B – Business News
WASHINGTON — President Trump introduced Wednesday night that he had reached an settlement with South Korea that may embrace $350 billion in investment from Seoul and lock in a 15% tariff charge for the Asian nation.
“I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea,” Trump, 79, wrote on Truth Social.
The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and managed by the United States, and chosen on my own, as President,” he added. “Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes.”
President Trump introduced Wednesday night that he had reached an settlement with South Korea. AP
The full investment quantity will likely be introduced when South Korean President Lee Jae Myung visits the White House, which Trump mentioned would occur “within the next two weeks.”
South Korea will likely be even be “completely OPEN TO TRADE with the United States” and settle for American merchandise, together with “Cars and Trucks, Agriculture, etc.,” the president added.
While South Korean imports to the US will likely be slapped with a 15% responsibility, Trump mentioned the US “will not be charged a Tariff.”
South Korea confronted 25% tariffs on its exports to the US as half of Trump’s “Liberation Day” package deal that was introduced April 2, however later delayed for 90 days.
The Deal is that South Korea will give to the United States $350 Billion for Investments owned and managed by the United States, and chosen on my own, as President,” Trump’s Truth Social post learn. Getty Images
The president reupped his risk in a letter to Lee July 7 – one of a number of despatched to world leaders threatening tariffs.
In the word, Trump warned that the main car and electronics-exporting nation can be hit with the levy to be able to “eliminate the Trade Deficit disparity we have with your Country.”
The president had set an Aug. 1 deadline for international locations to comply with one-for-one trade offers with Washington or face doubtlessly steep reciprocal tariffs.
South Korea confronted 25% tariffs on its exports to the US as half of Trump’s “Liberation Day” package deal that was introduced April 2, however later delayed for 90 days. AFP through Getty Images
Earlier Wednesday, Trump met with South Korean officers on the White House to hammer out particulars of the settlement.
“I would like to thank the Trade Representatives who came forward today,” the president mentioned. “It was an Honor to meet them, and talk about the Great Success of their Country!”
The US trade deficit with South Korea – America’s sixth-largest trading associate amongst particular person nations – was $66 billion final 12 months, a 29% increase from 2023, in line with the Office of the US Trade Representative.
Economic relations between the US and South Korea have been beforehand ruled by a free trade settlement that took impact in 2012. That deal eradicated duties on virtually all bilateral trade between the 2 international locations.
