WASHINGTON: US President Donald Trump said Wednesday (Jul 31) that the United States will impose a 15 per cent tariff on imports from South Korea, as he touted a “full and complete trade deal” between both countries.
The 15 per cent rate is below a 25 per cent rate that Trump had threatened earlier.
“South Korea will give to the United States US$350 billion for investments,” Trump said in a post on his Truth Social platform, adding that the country would buy US$100 billion in liquefied natural gas or other energy products.
Of the US$350 billion investment fund, US$150 billion will be aimed at a shipbuilding partnership, South Korean President Lee Jae-myung said on Thursday, adding that the tariff deal with the US would put South Korea on an equal or better footing compared with other countries.
“It is also agreed that South Korea will be completely open to trade with the United States, and that they will accept American product including cars and trucks, agriculture, etc,” Trump added.
It was not immediately clear how the investment deals would be structured or over what time frame. The US president said additional investments would be announced later.
Lee will visit the White House “within the next two weeks” for a meeting with Trump.
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