Trump announces comprehensive trade agreement between the US and South Korea
Former U.S.
President Donald Trump officially announced the signing of a significant trade deal between America and South Korea aimed at strengthening economic ties and promoting mutually beneficial investments.
According to Trump, the new agreement introduces a 15% customs tariff, representing a compromise between the parties, and paves the way for increased trade exchange and investment flows.
In a statement posted on his social media platform Truth Social, the former leader emphasized that both countries agreed on a substantial economic cooperation package, including South Korea committing to invest $350 billion into the U.S.
and purchasing additional energy resources worth over $100 billion, including liquefied natural gas and oil.
Trump mentioned that these investment agreements would be officially announced in the coming days during an official meeting between the presidents of both nations at the White House, and he also noted that South Korean President Lee Jae-myung has already received an invitation to this bilateral summit.
At the same time, he highlighted that the agreement foresees complete market openness for American goods, including vehicles, agricultural products, and other exports.
Trump specifically stated that the U.S.
would not impose tariffs on South Korea, and a 15% tariff on imports from Korea has been agreed upon to serve as a foundation for further development of trade relations.
It should be noted that prior to this, the U.S.
and South Korea attempted to negotiate a joint shipbuilding partnership to avoid a 25% tariff on exports by August 1.
Additionally, it is worth mentioning that recently the U.S.
and the European Union signed an trade agreement fixing import duties at 15%, indicating an active phase of international negotiations amid global economic instability.