Trump Announces New Trade Deal with South Korea

In a significant trade policy development, President Donald Trump declared a 15% tariff on imports from South Korea. This announcement marks a temporary resolution in tensions with South Korea, a crucial trading partner and ally. The agreement was revealed after Trump's meeting with Korean officials at the White House.

This arrangement is part of a string of trade policies set to take effect on August 1, which includes increased tariffs on imports from various nations. South Korea, a major exporter of computer chips, automobiles, and steel, faced potential tariffs of 25% initially. South Korea will invest $350 billion in the U.S. and purchase $100 billion in energy products, a move seen as another priority in Trump's trade deals.

Details of the deal remain partially unclear, but South Korea assured an equal or better standing in international trade relations. As per the agreement, the U.S. will lower tariffs on South Korean automobiles to 15%, and South Korea will continue to accept American goods without import duties. Additional investments from South Korea are anticipated to be announced soon.

(With inputs from agencies.)