President Trump announced Wednesday evening that he had reached an agreement with South Korea that will include $350 billion in investment from Seoul and lock in a 15% tariff rate for the Asian nation.
South Korea appears to be the latest key U.S. trading partner to reach an agreement with the Trump administration, ahead of a Friday deadline when hefty tariffs take effect.
President Donald Trump announced a new trade agreement with South Korea, saying the country will provide $350 billion in U.S.-controlled investments and purchase $100 billion in American energy products. The deal follows a similarly structured $550 billion agreement with Japan announced last week.
President Trump on Wednesday announced the United States had struck a trade deal with South Korea ahead of his Aug. 1 tariff deadline, putting 15 percent tariffs on goods from there. Trump said in a Truth Social post that South Korea will make $350 billion in investments in the U.S.
The U.S. tariff deadline is August 1, and countries across the world with a trading relationship with America are scrambling to make last-second deals.
Trump says the US and South Korea reached a "full and complete trade deal," with a 15% tariff on South Korean exports. Meanwhile, he slapped a 50% levy on Brazil.
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.
U.S. President Donald Trump announced a new trade deal with South Korea, which calls for 15% tariffs on goods from there, after the country scrambled to secure an agreement ahead
President Trump and South Korean President Lee Jae Myung announced a trade deal averting steep tariffs and committing South Korea to $100 billion in U.S. energy imports and new investments.
