United States to impose 15% tariff on goods from South Korea

Washington will impose a 15% tariff on goods imported from South Korea. Previously, it was 25%. This was announced by US President Donald Trump.

The new tariff puts South Korea in line with other US trading partners, such as Japan and the European Union, which also concluded trade deals with Trump at a 15% tariff on their exports to the US. The new rate will also apply to South Korean car exports.

“Trump touted this as a ‘complete trade deal’ between the US and South Korea,” the publication notes.

According to him, Seoul also agreed to buy US energy products worth $100 billion, including liquefied natural gas.

“South Korea will provide the United States with $350 billion in investment,” Trump said in a post on his Truth Social platform. He added that Seoul would invest an additional unspecified “large amount of money” in the US.

More on the deal

It is not yet clear how the investment deals will be structured, where the funding will come from and when. Trump said additional South Korean investments would be announced later.

He added that the East Asian country would further open its markets to American products, including cars, trucks and agricultural products, and would not impose import tariffs on them.

Meanwhile, Kim Eun-beom, the head of the South Korean presidential administration’s political affairs department, told a briefing in Seoul that the country’s rice and beef markets would not be further opened to the United States due to the sensitivity of those sectors.

Trump said on Wednesday that South Korean President Lee Jae-myeon would visit the White House “within the next two weeks” for bilateral talks. The meeting would be their first since Lee took office in June.

Tags: USA, duties