President Donald Trump has announced that the US will impose a 15% tariff on South Korean imports as part of a trade agreement with the Asian nation that prevents even higher tariffs from being imposed.
“We are pleased to announce the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea,” Trump stated on Truth Social on Wednesday.
South Korean President Lee Jae Myung stated on Thursday that the deal will place South Korea on an equal or better footing compared to other countries.
Furthermore, the countries have agreed to establish a $350bn investment fund, with $150bn allocated for a shipbuilding partnership.
Trump stated that South Korea would invest $350bn in the US in projects of his choosing and would also purchase $100bn of liquefied natural gas and other energy products as part of the arrangement.
The details of how the investment agreements would be structured and over what time frame were not immediately clear. Trump mentioned that more investments would be announced later.
Lee Jae Myung would visit the White House “within the next two weeks” for a meeting with Trump, according to the US President.
Additionally, South Korea will accept American products, including cars, trucks, and agriculture, into its markets, imposing no import duties.
Source: https://www.theguardian.com/us-news/2025/jul/31/south-korea-tariffs-us-trade-deal-trump
