WASHINGTON — President Trump announced Wednesday evening that he had reached an agreement with South Korea that will include $350 billion in investment from Seoul and lock in a 15% tariff rate for the Asian nation.
“I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea,” Trump, 79, wrote on Truth Social.
The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President,” he added. “Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes.”
While South Korean imports to the US will be slapped with a 15% duty, Trump said the US “will not be charged a Tariff.”
The president had set an Aug. 1 deadline for countries to agree to one-for-one trade deals with Washington or face potentially steep reciprocal levies.
Earlier Wednesday, Trump met with South Korean officials at the White House to hammer out details of the agreement.
“I would like to thank the Trade Representatives who came forward today,” the president said. “It was an Honor to meet them, and talk about the Great Success of their Country!”
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
