US President Donald Trump announces a trade deal with South Korea
US President Donald Trump announced a new trade deal with South Korea, stating that the United States (US) would charge a 15% tariff on imports from South Korea, Reuters reported on Wednesday. The agreement includes a $350 billion commitment from South Korea toward US-owned and controlled investments.
Key quotes
The United States and South Korea have reached a full and complete trade deal.
South Korea will provide $350 billion for U.S.-owned and controlled investments, selected by the U.S. President.
South Korea will purchase $100 billion in LNG or other energy products from the U.S.
An additional investment amount from South Korea will be announced in two weeks during a White House bilateral meeting with President Lee Jae Myung.
South Korea will be fully open to trade with the U.S., including sectors like automobiles, agriculture, and trucks.
A 15% tariff will apply to South Korean goods entering the U.S., but American goods will face no tariffs in South Korea.
Source: FXstreet
