Trump says that America will determine 15% tariff on South Korean imports under the new deal

President Donald Trump said on Wednesday that the US would charge a 15 percent tariff duty on imports from South Korea, which below 25 percent threats, as part of a deal, which reduces stress with top 10 business partners and major Asian colleagues.

South Korea also agreed to invest $ 350 billion in the United States and purchase energy products of $ 100 billion in projects selected by Trump.

The announcement made after Trump’s meeting with Korean officials at the White House came during an icy storm of trade policy announcements. Many countries are running to cut deals before August, when Trump promised that he will kick in high tariffs.

Trump wrote on the truth social, “I am happy to announce that the United States has agreed to a full and full trade deal with the Republic of Korea.”

Talks were a preliminary examination for South Korean President Lee J. Mayung, who took over after a Snap election in June. He said that the deal eliminated uncertainty and set us the tariff at the same level or less than the major contestants.

“We have crossed a major obstacle,” Lee said in a Facebook post. Trump said Lee would visit the White House “within the next two weeks” for his first meeting with the US President.

Trump said that South Korea would accept American products with autos and agricultural commodities in its markets and would not impose any import duty on them, Trump said.

Top South Korea officials said that rice and beef markets of the country would not be opened further, and US demands on food rules continue to be discussed.

City economist Kim Jin-Vook said Seoul has defended his non-tariff barriers while maintaining his tariff rate with Japan and the European Union.

“While the headline figure looks like a big win for America, the details seem favorable to South Korea,” he said.

Devil in detail

South Korea seems to have avoided the worst, agreed Chong In-Yo, a former South Korean trade minister. But he also said that if $ 350 billion well is not spent then the opinion about the deal can change.

It was not clear what would be included in the investment, where the funding will come from, the deadline deals will be implemented and to what extent their terms will be binding. Trump said additional South Korean investment would be announced later.

Total, $ 150 billion is aimed at a shipbuilding partnership, while $ 200 billion will include nuclear power, battery and biotechnology, Kim Yong-Bame, South Korean President’s policy head, Kim Yong-Bame.

He said “ambiguity is good,”, saying that the dalchers had ensured how the money was used, there would be security measures.

According to another presidential officer, the current investment plans by South Korean companies will be part of the fund.

US Commerce Secretary Howard Lutnik said in a post on X that 90 percent of the profit from $ 350 billion funds “was going to American people.”

Kim said that South Korea understands that this means that some profits can be re -established.

He said that the purchase of energy would include liquefied natural gas, liquefied petroleum gas, crude oil and a small amount of coal.

“This is within the amount of our normal imports,” he said, given that it could be “minor changes” in the import of imports in more US sources from the Middle East.

Lutnik said that energy purchased “will be in the next 3.5 years.”

The tariff rate on South Korean auto will also be 15 percent, Lutnik said, which is below the current rate of 25 percent. Lutnik also said that semiconductor and pharmaceutical exports would not be considered more rigid than people from other countries. Steel, aluminum and copper were not covered with a new deal.

Scuffle in south korea

South Korea is one of the three Asia-Pacific countries, which had a comprehensive free trade agreement with the United States, but did not leave it with a new tariff.

Former President Yun Suk Yeol had a conversation in a turbulent political atmosphere in South Korea, which was removed in April, when he was impeached to try to implement martial law. Earlier this month, Japan increased pressure on the negotiators after making its deal.

South Korea has been a special target of Trump for its trade surplus and the cost of maintaining some 28,500 American troops in the country to defend against North Korea. Last year, South Korea posted a trade surplus of $ 55.7 billion with the United States, 25 percent from a year ago.

South Korean companies welcomed the deal and said that this would reduce uncertainty.

Amidst the last minute push to reach the tariff agreement, Samsung Electronics made a $ 16.5 billion deal with Tesla Tsla.o. LG Energy Solution 373220.ks also signed a $ 4.3 billion deal for the supply of Tesla with the energy storage system battery, said by a person familiar with the case.