Trump says US will impose 15% tariff on South Korean imports in new trade deal | World News
US President Donald Trump on Wednesday announced a trade deal with South Korea ahead of the August 1 deadline and said that America would charge a 15% tariff on imports from South Korea and that Seoul would invest $350 billion in the United States.
In a post on Truth Social, Trump said “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.”
Goods from South Korea faced a 25% ‘reciprocal tariff’ in the US in April when President Trump imposed the levies on nearly all its trading partners, only to pause it and put it under a moratorium for 90 days. The deadline for tariffs was set to expire on August 1.
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The new tariff of 15% is still higher than the 10% minimum tariff imposed on South Korea and other nations after the reciprocal tariff imposition was put in abeyance in April.
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Adding to his Truth Social, Trump said “The Deal is that South Korea will give to the United States $350 billion dollars for investments owned and controlled the United States, and selected myself, as President.”
As the US president said additional investments would be announced later, it wasn’t immediately clear how the investment deal would be structured and what would be the time frame for the same. The investment bid is similar to that of Japan’s proposed investment of $550 billion in the US, which is being seen as a way to lower threatened tariffs.
Trump said South Korean President Lee Jae Myung will visit the White House “within the next two weeks”. The US president also said that Seoul would accept American products, including cars, trucks and agriculture into South Korean markets and would not impose any import duties on them.
Goods from the European Union and Japan will also face a similar 15% tariff in the United States, after Trump announced a deal with them last week.
