Trump announces trade deal with South Korea, setting tariff at 15 percent
Summary
United States President Donald Trump announced a trade deal with South Korea that imposes a 15% tariff on South Korean goods, while U.S. exports to South Korea will not face duties. South Korea will invest $350 billion in U.S.-owned ventures and buy $100 billion in energy products from the U.S.Key Facts
- A trade deal was announced between the U.S. and South Korea.
- South Korean goods will have a 15% tariff in the U.S., but U.S. exports to South Korea will not be taxed.
- South Korea agreed to invest $350 billion in U.S.-owned investments.
- South Korea will purchase $100 billion in liquefied natural gas and other energy products from the U.S.
- The full amount South Korea will invest for its purposes is yet to be announced.
- South Korea faced a potential 25% tariff if no deal was reached by August 1.
- South Korea’s KOSPI stock index rose by nearly 0.4% following the news.
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