President Donald Trump said the U.S. would tariffs on South Korea’s imports as part of a deal with Asian trading partners, avoiding higher taxes.
“I am pleased to announce that the United States of America has agreed to a complete and complete trade agreement with the Republic of Korea,” he said on Wednesday’s truth social platform.
South Korean President Lee Jae Myung said the deal would put his country on an equal or better position than other countries.
The news comes the second day before the August 1 deadline, for countries to reach an agreement with the United States or be hit by higher tariffs. If South Korea does not reach an agreement, South Korea has been facing a 25% tax.
As part of the arrangement, South Korea will invest $35 billion (£264.1 billion) in the United States for projects chosen by Trump and purchase $100 billion of liquefied natural gas and other energy products, Trump said.
Trump also said South Korea will accept U.S. products, including cars, trucks and agriculture, and will not impose import tariffs on them.
The U.S. president added that Lee Jae Myung will visit the White House to meet with Trump “in the next two weeks.”
Since returning to office in January, Trump has filed a series of import taxes on goods in other countries and threatened more.
He believes these tariffs will promote U.S. manufacturing and protection efforts.
But his turbulent international trade policy has put the world economy in chaos, and critics warn that tariffs make our consumers more expensive.
Health & Wellness Contributor
A wellness enthusiast and certified nutrition advisor, Meera covers everything from healthy living tips to medical breakthroughs. Her articles aim to inform and inspire readers to live better every day.
