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President Donald Trump says the US will charge a 15% tariff on imports from South Korea as part of an agreement with the Asian trading partner that avoids even higher levies.<\/p>\n
“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,” he said on the Truth Social platform on Wednesday.<\/p>\n
South Korean President Lee Jae Myung said the deal would put his country on an equal or better footing compared with other countries.<\/p>\n
The announcement comes just a day before a 1 August deadline for countries to reach agreements with the US or be hit with higher tariffs. South Korea had been facing a 25% levy if it had not struck a deal.<\/p>\n<\/div>\n
As part of the arrangement, South Korea would invest $350bn (\u00a3264.1bn) in the US for projects selected by Trump and buy $100bn of liquefied natural gas and other energy products, <\/b>Trump said.<\/p>\n
Trump also said South Korea would accept American products, including cars, trucks and agriculture into its markets and impose no import duties on them.<\/p>\n
Lee Jae Myung would visit the White House “within the next two weeks” for a meeting with Trump, the US president added.<\/p>\n
Since returning to office in January, Trump has introduced a series of import taxes on goods from other countries, and threatened many more.<\/p>\n
He argues that these tariffs will boost American manufacturing and protect jobs.<\/p>\n
However, his volatile international trade policy has thrown the world economy into chaos, and critics have warned that the tariffs are making products more expensive for US consumers.<\/p>\n<\/div>\n