President Donald Trump announced on Wednesday that he had reached a trade agreement with South Korea. It provides for 15% tariffs on imports from that country. He announced this on Truth Social, UNN writes.
I am pleased to announce that the United States of America has agreed to a full and comprehensive trade agreement with the Republic of Korea
According to the US President, the agreement stipulates that South Korea will provide the US with $350 billion for investments and purchase $100 billion worth of liquefied natural gas (LNG) and other energy products.
Seoul also agreed to invest a significant amount of money. This amount will be announced within the next two weeks, when South Korean President Lee Jae-myung arrives at the White House for a bilateral meeting.
It was also agreed that South Korea will be fully open to trade with the United States and that it will accept American goods, including cars and trucks, agricultural products, etc. We agreed on a 15% tariff for South Korea. America will not be subject to tariffs
Addition
President Trump was scheduled to meet with a South Korean trade delegation to conclude a tariff agreement. South Korea sought to reduce the 25% tariff, which is set to take effect on August 1.
Addition
Pressure on South Korea is growing after Japan concluded an agreement this month that reduced the tariffs threatened by Trump to 15%.
It is also reported that leading South Korean business representatives are arriving in the US to support lobbying for a tariff agreement.
According to officials, the South Korean government is negotiating with the US, offering a comprehensive trade agreement and cooperation in industry — particularly in shipbuilding, chip manufacturing, and batteries.
Amid the government's active recent efforts on a tariff agreement, South Korean company Samsung Electronics signed a contract with Tesla to supply chips worth $16.5 billion.