US President Donald Trump on Wednesday said that the US would impose a 15 percent tariff on imports from South Korea, as he touted a “full and complete trade deal” between the two countries.
“South Korea will give to the United States US$350 Billion Dollars for Investments,” Trump said in a post on his Truth Social platform, adding that the country would buy US$100 billion in liquefied natural gas or other energy products.
The 15 percent rate is below a 25 percent tariff that Trump had threatened earlier, and was equivalent to deals with Japan and the EU.
Photo: EPA/ YONHAP
Trump added that Seoul would invest an additional unspecified “large sum of money.”
“This sum will be announced within the next two weeks when the President of South Korea, Lee Jae-myung, comes to the White House for a Bilateral Meeting,” Trump said, offering congratulations to his South Korean counterpart for his “electoral success.”
South Korean Minister of Finance Koo Yun-cheol said Seoul’s commitment to help the US revive its shipbuilding industry was instrumental in reaching the deal.
“I believe MASGA made the greatest contribution to reaching today’s agreement,” Koo said at a news conference in Washington, referring to the “Make American Shipbuilding Great Again” proposal.
“Our world-class shipbuilding companies, equipped with the highest level of ship design and construction capabilities, are expected to help revive the US shipbuilding industry,” he said.
News of the deal with South Korea came as Trump on Wednesday imposed 25 percent tariffs on Indian goods and 50 percent on those from Brazil.
The leaders’ White House meeting would be their first since Lee assumed the presidency in June.
In a statement on Facebook, Lee called the deal “the first major trade challenge” since his administration took power, adding: “We have overcome a major hurdle.”
“Through this deal, the government has eliminated uncertainty surrounding export conditions and ensured that US tariffs on our exports are either lower than or equal to those imposed on our major trade competitors,” he said.
Lee was elected in a snap vote in June following the impeachment of his predecessor, Yoon Suk-yeol, over his disastrous martial law declaration in December last year.
The deal marks an early victory for Lee’s tenure as head of the export-reliant economy, Asia’s fourth biggest.
“This agreement represents the convergence of US interests in revitalizing its manufacturing sector and our determination to strengthen Korean companies’ competitiveness in the American market,” Lee’s statement continued.
There were mixed reactions in South Korea. Its six major business associations, including the Korea Chamber of Commerce, said in a joint statement: “We view this agreement as a critical milestone that will not only ease trade-related uncertainties, but also pave the way for a significant strengthening of economic cooperation between the two countries.
“With much of the external uncertainty now resolved, the [South] Korean business community will redouble efforts to boost domestic investment and job creation,” they said.
A handful of civic groups, including farmers and labor organizations, protested at the US embassy in central Seoul, opposing “Trump’s madman strategy.”
Demonstrators held signs reading “No Trump! No King!” and pointed out that there might be additional negotiations when Lee meets Trump.
“Trump’s actions amount to excessive interference in our domestic affairs,” Korean Apple Growers Association head Park Sung-hoon said.
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