President Donald Trump announced Wednesday that the U.S. reached a trade deal with South Korea, avoiding a steeper tariff ahead of his August 1 deadline. Instead of the 25% rate initially proposed, South Korean imports will face a 15% tariff.
In a Truth Social post, Trump said South Korea has agreed to invest $350 billion in the U.S. and purchase $100 billion worth of liquefied natural gas and other American products. Final terms will be announced during South Korean President Lee Jae Myung’s upcoming visit to the White House.
“It is also agreed that South Korea will be completely OPEN TO TRADE,” Trump said, citing expanded access for U.S. cars, trucks, and agricultural goods.
The deal is part of a broader Trump strategy of pressuring trade partners ahead of the self-imposed August 1 tariff deadline. Trump reiterated that the deadline “will not be extended.”
The administration has issued tariff warnings to several nations — including 25% on India, 35% on Bangladesh, and 50% on Brazil — while reaching lower-rate agreements with others like Japan, the U.K., and the European Union. Critics argue the new deals still impose higher tariffs than pre-Trump levels.
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