Deal also includes $100B purchase of American energy products
President Trump announced Wednesday that the U.S. and South Korea have reached a comprehensive trade agreement, in which the East Asian country will invest $350 billion in American projects selected by Trump.
South Korea, which has agreed to be “completely open” to trade with the U.S., will now face a reduced tariff of 15% on imported goods — down from the planned 25%, which would have gone into effect on Aug. 1, Trump said.
“I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea,” Trump said in a Truth Social post Wednesday. “The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President.”