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Trump says trade deal agreed with South Korea at 15% tariff rate
- On Wednesday, President Donald Trump revealed an agreement with South Korea that introduces a 15% tariff on imports from the country to the United States.
- The tariff change follows earlier threats of a 25% tariff and is part of renegotiations responding to what Trump described as unfair trade practices.
- The deal excludes steel, aluminum, and copper tariffs, keeps U.S. exports to South Korea tariff-free, and includes South Korea opening markets to U.S. vehicles and agricultural goods.
- Trump stated South Korea will invest $350 billion in U.S.-owned and controlled investments selected by him and purchase $100 billion worth of American energy products.
- This agreement could ease tensions after South Korea’s recent economic contraction and aligns with similar deals recently reached with Japan and the European Union.
80 Articles
80 Articles
Trump sets 15% tariff on South Korean imports in new trade deal | Honolulu Star-Advertiser
WASHINGTON/SEOUL >> President Donald Trump said today the U.S. will charge a 15% tariff on imports from South Korea, down from a threatened 25%, as part of a deal that eases tensions with a top-10 trading partner and key Asian ally.
After Japan and the Philippines on Tuesday and the European Union on Sunday, South Korea entered into a trade agreement with Washington on Wednesday, and its products exported to the United States will be taxed at 15%.
South Korean imports to the United States will pay a 15 per cent fee and US imports to South Korea zero, and Seoul is committed to buying $100 billion in energy from the United States.
US President Trump has announced further decisions on his internationally controversial trade policy.
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