Desk Report,
Trump announces trade deal with South Korea, tariffs cut by 15 percent
US President Donald Trump has announced a trade deal with South Korea. The deal with South Korea was announced before Trump’s additional tariffs on dozens of countries take effect on August 1.
Trump announces trade deal with South Korea, tariffs cut by 15 percent
In a post on his social media account Truth Social, Donald Trump said that under a ‘full and complete’ trade deal, a 15 percent tariff will be in effect on South Korean goods. However, there will be no tariffs on US exports.
Trump also said that South Korea will invest $350 billion or $350 billion. These investments will be ‘owned and controlled’ by the US. Along with this, South Korea will buy $100 billion or $100 billion in liquefied natural gas (LNG) and other energy products.
In addition, Trump said that the East Asian country has agreed to invest ‘large amounts’ of money in the United States for its own investment. That is, South Korea is going to invest directly in a project or sector in the United States, the main goal of which will be to ensure their own economic profits and interests. Although the amount of this investment was not disclosed. South Korean President Lee Jae-myung is scheduled to visit the White House “in the next two weeks.” An announcement will be made then.
South Korea has been in political turmoil for months after former President Yoon Suk-yeol imposed martial law. Lee Jae-myung took office in June, ending the turmoil. The country has since faced another round of uncertainty over trade tariffs with the United States. Now, South Korean President Lee Jae-myung has said that the trade deal will “remove all uncertainties” and ensure that South Korea pays equal or lower tariffs than its competitors.
Trump has threatened to impose 25 percent tariffs on South Korean goods if a trade deal is not reached by August 1. He also said he would impose additional tariffs on steel, aluminum, vehicles and transportation components.
