Trump declares trade agreement with S-Korea
(MENAFN) President Donald Trump has announced the completion of a new trade agreement between the United States and South Korea, featuring a 15% tariff on South Korean imports but no reciprocal duties on American goods. Trump called it a “Full and Complete Trade Deal” and said it aims to stabilize economic ties with a key partner in Asia.
Under the deal, South Korea has committed to investing $350 billion in US-controlled projects and purchasing $100 billion worth of American energy products. Trump shared the news on his Truth Social platform on Wednesday, highlighting the absence of tariffs on US exports as a major win.
South Korean President Lee Jae-myung commented on the agreement in a Facebook post, emphasizing that Seoul had consulted widely and carefully planned its strategy. He noted that the $350 billion in investments would expand Korean access to the US market in industries such as shipbuilding, semiconductors, biotechnology, and battery production.
According to 2024 US Commerce Department data, South Korea exported $132 billion worth of goods to the US, including cars, electronics, and chips, while importing $66 billion in American goods, primarily machinery, oil, and gas—leaving a $66 billion goods trade deficit for the US (excluding services).
The agreement is part of a wider effort by Washington to secure favorable trade deals before Trump’s self-imposed August 1 tariff deadline. Similar deals have been reached with the UK, Japan, and the EU. South Korea had briefly faced a 25% tariff earlier this year, but the final agreement settled at 15%, higher than the 10% baseline set for many other countries.
The EU’s recent deal with Washington was met with criticism, with some labeling it a one-sided submission to US demands. Even a White House advisor reportedly described Brussels' approach as "bending the knee" to Trump.
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