Trump Secures Major Trade Deal with South Korea
President Donald Trump announced a new U.S.-South Korea trade deal involving a 15% tariff on South Korean imports, lowering previous rates. South Korea committed $350 billion in U.S. investments, including in shipbuilding and energy. President Lee Jae Myung lauded the deal's clarity for exports.
In a significant trade policy shift, President Donald Trump revealed on Wednesday that the United States will impose a 15% tariff on imports from South Korea. This announcement comes as part of a new agreement aimed at easing trade tensions with a vital Asian ally and top-10 trading partner.
The deal, unveiled shortly after Trump met with Korean officials at the White House, arrives amid a flurry of trade policy announcements before an impending deadline. Previously, South Korean imports faced tariffs as high as 25%. Trump expressed satisfaction, stating it's a 'Full and Complete Trade Deal' with South Korea.
As part of the agreement, South Korea has committed to investing $350 billion in U.S. projects and purchasing $100 billion worth of energy products. South Korea's President Lee Jae Myung welcomed the agreement, citing it as a resolution to export uncertainties. Further discussions are anticipated during Lee's upcoming visit to the White House.
(With inputs from agencies.)
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