SEOUL (dpa-AFX) - US President Donald Trump has announced a new trade deal setting 15 percent import duty on South Korea.
The new deal comes just two days ahead of a deadline that Trump set for the United States' trading partners to agree on new deals. In the absence of a trade agreement, the Trump administration was planning to impose a 25 percent tariff on South Korea.
'The Deal is that South Korea will give to the United States $350 Billion for Investments owned and controlled by the United States, and selected by myself,' Trump wrote on his social media platform Truth Social on Wednesday.
'We just overcame a big challenge,' South Korea's President Lee Jae Myung said on Facebook. 'Today's deal eliminated uncertainty in the export environment,' he added, referring to the August 1 expiry of a pause that Trump announced on his proposed 25 percent 'reciprocal' tariff on South Korean goods.
Last week, the United Sates had agreed to set a 15 percent import duty on Japan, which is South Korea's main competitor in the automobile and manufacturing sectors.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
