US President Donald Trump announced on Wednesday that the United States will impose a 15% tariff on goods imported from South Korea, lower than the 25% he had previously threatened. This move aims to align South Korea with other US trade partners such as Japan and the European Union, which have also secured trade deals with Trump that set a 15% tariff rate for their exports to the US. The new tariff rate will apply to South Korean automotive exports. Trump hailed it as a “full and complete trade deal” between the US and South Korea.
According to Trump, South Korea has agreed to purchase $100 billion worth of US energy products, including liquefied natural gas (LNG). Additionally, an unspecified “large sum of money” will be invested in the US by Seoul. However, it remains unclear how these investment deals will be structured, where the financing will come from, and over what time frame.
Trump also mentioned in a post on his Truth Social platform that South Korea will invest $350 billion in the US. South Korea’s policy chief, Kim Yong-beom, stated that the country’s rice and beef markets will not be further opened to the US due to their sensitivity. He also announced that South Korean President Lee Jae Myung will visit the White House for bilateral talks.
The agreement has received mixed reactions in South Korea, with the opposition party criticizing Lee’s administration for rushing into the deal and making too many concessions. Brazil also faces a 50% tariff on most imports from the US due to a “witch hunt” against former President Jair Bolsonaro, but some items such as aircraft and aluminum are exempt from the higher duties. Brazilian President Luiz Inacio Lula da Silva condemned the use of political arguments to defend the tariffs.
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Source: https://www.dw.com/en/trump-strikes-tariff-deal-with-s-korea-as-deadline-nears/a-73476513?maca=en-rss-en-all-1573-rdf
