President Trump has announced a trade deal with South Korea that includes a 15% tariff on imports from the country, while the U.S. will not be charged any reciprocal tariffs.
This week, the President confirmed that the 15% rate is now the minimum tariff “floor”.
Trump posted the specifics of his agreement with South Korea on Truth Social, stating:
“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. 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.”
“Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes. This sum will be announced within the next two weeks when the President of South Korea, Lee Jae Myung, comes to the White House for a Bilateral Meeting.”
“I would also like to congratulate the new President on his Electoral Success. It is also agreed that South Korea will be completely OPEN TO TRADE with the United States, and that they will accept American product including Cars and Trucks, Agriculture, etc. We have agreed to a Tariff for South Korea of 15%. America will not be charged a Tariff. I would like to thank the Trade Representatives who came forward today. It was an Honor to meet them, and talk about the Great Success of their Country!”
Trump also reiterated that he would not extend Friday’s deadline for implementing new tariff levels to countries that have not yet made a deal.
Following Trump’s announcement, Hyundai Motor’s shares fell 2%, and Kia Corp’s shares dropped 3.3%.
By CEO NA Editorial Staff
