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Donald Trump has unveiled a new trade agreement, this time with South Korea.
Under the terms of the deal, South Korea will invest $350 billion in U.S.-owned assets as selected by the U.S. president. Additionally, South Korea will purchase $100 billion worth of liquefied natural gas (LNG) and other energy products.
While South Korea will face a 15% tariff from the U.S., American goods entering South Korea will be tariff-free.
We are excited to share that the United States has reached a comprehensive trade agreement with South Korea. This includes a commitment of $350 billion toward investments managed by South Korea. Furthermore, South Korea will buy $100 billion in LNG and other energy products while also agreeing to significant investments. The total figure will be revealed in a couple of weeks when South Korean President Yi Jae Myung visits the White House for bilateral discussions. Congratulations to the new president on his victory. South Korea is fully open to U.S. trade and will accept American products, such as cars and agricultural goods. We have settled on a 15% tariff on South Korean imports, while the U.S. will not impose any customs duties. Thank you to the trade representatives here today; it was a privilege to engage with them about their nation’s success!
Last year, South Korea ranked as the seventh largest source of imports for the United States.
Korea is among the top seven sources of U.S. imports. According to Department of Commerce statistics, it exported $132 billion worth of goods to the U.S. last year, with automobiles, semiconductors, and electronics being major categories of American imports. Conversely, the U.S. sent $66 billion in goods to South Korea, mainly comprised of oil, gas, and industrial machinery.
The art of contract!
