President Donald Trump announced Wednesday that the United States will impose a 15 percent tariff on imports from South Korea as part of a sweeping trade agreement.
The deal prevents the implementation of steeper tariffs that had previously been considered, and outlines major investment commitments by the Asian trading partner.
“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 wrote on Truth Social.
The agreement includes a $350 billion investment in the United States from South Korea.
According to Trump, the projects will be selected by him, though specific details regarding the structure or time frame of the investments have not yet been made public.
He added that more investment commitments would be announced in the near future.
In addition to the investment pledge, Trump stated that South Korea would purchase $100 billion worth of liquefied natural gas (LNG) and other energy products from the U.S., reflecting a deepening energy trade relationship between the two countries.
Trump also said South Korea will remove all import duties on American products, including automobiles, trucks and agricultural goods, opening its markets to expanded U.S. exports.
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