Trump Announces Trade Deal with South Korea
President Trump announced another trade deal getting done before the August 1st tariff hike deadline, this time with South Korea.
The president took to Truth Social, as per usual, to make the announcement:
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. 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. 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. This sum will be announced within the next two weeks when the President of South Korea, Lee Jae Myung, comes to the White House for a Bilateral Meeting. I would also like to congratulate the new President on his Electoral Success. It is also agreed that South Korea will be completely OPEN TO TRADE with the United States, and that they will accept American product including Cars and Trucks, Agriculture, etc. We have agreed to a Tariff for South Korea of 15%. America will not be charged a Tariff. I would like to thank the Trade Representatives who came forward today. It was an Honor to meet them, and talk about the Great Success of their Country!
Here are quick bullet points of what President Trump outlines from the deal:
- 15% tariff on South Korean goods imported into the U.S.
- No tariff on U.S. goods exported to South Korea
- South Korea will be completely open for U.S. trade, accepting U.S. products, including automobiles and agricultural goods
- South Korea will give $350 Billion for U.S. owned and controlled investments
- South Korea will buy $100 Billion U.S. energy products
- South Korea will invest a large amount for its own investment purposes
