Washington: President Donald Trump announced that the United States will impose a 15 percent tariff on imports from South Korea, following the finalization of a “full and complete trade deal” between the two countries.
According to Bangladesh Sangbad Sangstha, Trump revealed that South Korea agreed to invest $350 billion in the United States, alongside purchasing $100 billion in liquefied natural gas and other energy products. The newly set 15 percent tariff rate is lower than the previously threatened 25 percent, aligning with tariffs established through US trade agreements with Japan and the European Union.
Trump further mentioned that South Korea would make an additional unspecified “large sum of money” investment, details of which will be disclosed during the upcoming visit of South Korean President Lee Jae Myung to the White House for a bilateral meeting. Trump extended his congratulations to Lee on his electoral success, noting that this meeting will mark their first since Lee’s assumption of the pres
idency in June.
In a Facebook statement, President Lee described the trade deal as a significant stride, emphasizing that it surmounted a “major hurdle” since his administration’s inception. Lee highlighted the deal’s role in reducing export uncertainties and securing competitive tariff conditions for South Korean goods in the US market. He ascended to the presidency following a snap election triggered by the impeachment of his predecessor, Yoon Suk Yeol.
The agreement is viewed as an early triumph for Lee, who now leads Asia’s fourth-largest economy, largely driven by exports. Lee’s statement underscored the deal as a fusion of US interests in boosting its manufacturing sector and South Korea’s ambition to enhance its companies’ competitiveness in the American market.
Since his return to the White House in January, Trump has imposed a broad 10 percent tariff on various allies and competitors, with plans to increase rates for numerous economies by August 1. On Wednesday, he also imposed a 25 percent tariff
on Indian imports and a 50 percent tariff on Brazilian imports. The latter is partly in response to what Trump perceives as a “witch hunt” against Jair Bolsonaro, Brazil’s former president, who is currently facing a criminal trial.