Trump Announces Trade Deal With South Korea

Contact Your Elected Officials

The United States will impose a 15 percent tariff on South Korean goods, while U.S. goods wonโ€™t be subject to South Korean tariffs.

President Donald Trump announced on July 30 that the United States had reached a trade agreement with South Korea, one of the largest U.S. trading partners in a strategically important region.

โ€œI am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea,โ€ Trump wrote in a post on Truth Social.

Under the agreement, South Korea will invest $350 billion in assets owned and controlled by the United States, with specifics to be selected by Trump himself. In addition, the Southeast Asian country will purchase $100 billion worth of liquefied natural gas or other energy products from the United States.

โ€œIt is also agreed that South Korea will be completely OPEN TO TRADE with the United States, and that they will accept American product[s] including Cars and Trucks, Agriculture, etc,โ€ Trump wrote.

The United States will impose a 15 percent tariff on South Korean imports to the United States, while U.S. goods will not be subject to customs duties at South Korean ports.

Trump said South Korea has also agreed to make investments in U.S. energy. The exact amount of these investments has not been determined. He said the amount will be announced within the next two weeks, as South Korean President Lee Jae Myung is set to attend a bilateral meeting at the White House.

โ€œI would also like to congratulate the new President on his Electoral Success,โ€ Trump said of Lee, a center-left candidate who was sworn in as president of South Korea on June 4.

The deal was announced less than two days before Aug. 1, the deadline that Trump had set for a substantial increase in tariffs if trading relations were not rebalanced.

On April 2, the U.S. president had announced a baseline global tariff of 10 percent, as well as country-specific reciprocal tariffs that attempted to impose reciprocal duties on countries that tax U.S. goods. These ranged from 11 percent to 50 percent.

By Joseph Lord

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Earned vs. Owed

Not since the Donner Party has a group of people so badly misinterpreted the circumstances of their situation like the players of the WNBA.

Just How American are Americaโ€™s Elite Schools?

Their exteriors may be ivy clad, but that faรงade on Americaโ€™s elite universities cloaks secrecy, power politics and globalist attitudes as well.

Multiple Democrats Playing Defense

There is a news situation going on that is...

TOTAL ROT: Consultant Brain and Horserace Politics Have Wrecked Political Discourse

Is feeding at the trough of government graft the goal of politics, or is it the optimal administration of the state? The answer depends on whom you ask.

Media Ignore Trump Successes To Focus On Epstein

Despite President Trump's amazing successes, the media refuse to give credit to the Trump and are continuing to focus on the โ€œEpstein files.โ€

Declassified Durham Report Annex Sheds New Light on Origins of Russia Probe: Grassley

Sen. Grassley released declassified annex to John Durhamโ€™s 2023 report into FBIโ€™s investigation into allegations of Trump campaignโ€“Russia ties.

Appeals Court Hears Arguments Over Whether to Block Trumpโ€™s Tariffs

Multiple judges on an appeals court questioned whether a decades-old law Trump invoked had provided him the authority on tariffs he said it did.

State Department Sanctions Palestinian Authority Officials, PLO Members

US State Dept imposed sanctions on Palestinian Authority officials and members of the PLO as U.S. officials arrived in Israel for more cease-fire talks.

Weekly Jobless Claims Remain Near 3-Month Low

According to the Dept of Labor, initial jobless claims rose by 1,000, to 218,000 for the week ended July 26, remaining close to a three-month low.

Bessent Says Trump Accounts for Kids Are Backdoor โ€˜For Privatizing Social Securityโ€™

Treasury Sec Scott Bessent said Trump Accounts are โ€œa back door for privatizing Social Security,โ€ but the admin is committed to protecting Social Security.

Trump Says Canadaโ€™s Backing of Palestinian Statehood Threatens US Trade Deal

President Trump said it would be โ€œvery hardโ€ to reach a trade agreement with Canada after PM Carney announced plans to recognize a Palestinian state.

Trump Imposes 25 Percent Tariff on India Plus Unspecified Penalty

Trump said US to impose a 25% tariff on Indian goods and unspecified penalties, citing India's high trade barriers and reliance on Russian energy and arms.

White House Launches Health Information Sharing Initiative

Making Health Technology Great Again centers on giving patients full access to their own health records and making the data useful for both doctors and patients in managing disease.
spot_img

Related Articles