Trump Declares Trade Agreement With South Korea At 15% Tariff Ahead of August 1 Deadline
The United States has finalised a trade agreement with South Korea that will impose a 15% tariff on South Korean imports, President Donald Trump announced on Wednesday.
According to Trump, the US has reached a deal with South Korea that will bring in a 15 percent tariff on imports from the East Asian nation. Additionally, South Korea will be investing $350 billion in the US and will purchase American energy products worth $100 billion.
“I am happy to declare that the United States of America has entered into a Full and Complete Trade Agreement with the Republic of Korea,” Trump wrote in a post on Truth Social.
Trump further stated that South Korea would be entirely “open to trade” with the United States and would allow entry of American goods, including automobiles, agricultural products, and more.
“We have agreed on a 15 percent Tariff for South Korea. America will not be charged any Tariff,” he said.
In April, goods from South Korea briefly faced a 25 percent “reciprocal” tariff before Trump temporarily halted the levies affecting several countries. That pause was due to expire on Friday, August 1.
However, it is worth noting that the new 15 percent tariff still stands higher than the 10 percent minimum tariff rate that was applied to South Korea and many other nations since April.
