Editor's PiCK
Trump: "15% Reciprocal Tariff Rate on South Korea…US-South Korea Summit Within 2 Weeks"
Summary
- President Trump announced that the tariff rate on South Korea has been set at 15%.
- South Korea has promised to make $350 billion in investments in the United States and to purchase approximately $100 billion worth of LNG and energy products.
- The US-South Korea summit is scheduled to be held within two weeks, during which the specifics of the investment and agreement on opening up trade will be announced.
Donald Trump, President of the United States, announced on TruthSocial on the 30th (local time) that the tariff rate on South Korea would be set at 15%. He also revealed plans to hold a US-South Korea summit within two weeks.
Previously, he stated, "While we are applying a 25% tariff on South Korea, (they) have proposed to reduce the tariffs," adding, "I am very interested in hearing what that proposal entails." After completing negotiations with the South Korean team that afternoon, he wrote on TruthSocial that "South Korea has agreed to purchase approximately $100 billion worth of LNG or other energy products, and to invest a substantial additional amount."
Below is the full text posted by President Trump.
"I am pleased to announce that the United States has reached a comprehensive and complete trade agreement with the Republic of Korea. Under this agreement, South Korea will provide $350 billion in investments to the United States, which are owned and controlled by the US government and directly selected by me as President. In addition, South Korea has agreed to purchase approximately $100 billion worth of LNG or other energy products, and further, has agreed to make substantial additional investments for investment purposes. The details of these investments will be announced when President Lee Jae-myung of South Korea visits the White House for a bilateral meeting within the next two weeks. My sincere congratulations on the election victory of the new president.
Furthermore, South Korea will be fully open to trade with the United States and has agreed to accept American-made products such as automobiles, trucks, and agricultural goods. The tariff on South Korea is set at 15%, while there will be no tariffs imposed on the United States.
I would like to thank the trade delegation who attended today, and it has been a great honor to meet with them and discuss the great success of our countries."
Washington = Sang-eun Lee, correspondent selee@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
