US President Donald Trump stated, that the United States has reached a trade deal with South Korea that includes a 15 percent tariff on South Korean exports and an agreement for Seoul to invest $350 billion in the American economy.
“I am pleased to announce that the United States of America has agreed to a full and final trade agreement with the Republic of Korea. We have agreed on a 15% tariff on South Korea. America will not impose a tariff.”, – said Trump.
According to him, South Korea will invest 350 billion dollars in the United States, while these investments will be “owned and controlled by the United States.” Seoul also undertakes to purchase US energy carriers worth $100 billion, as well as “invest a significant amount of money” in the United States. The exact amount will be announced within two weeks during a visit by South Korean President Lee Jae-min to the White House.
“It is also agreed that South Korea will be fully open to trade with the United States, and that they will accept American products, including cars and trucks, agricultural products, etc.” – said Trump.
In turn, the President of South Korea, Lee Jae-myung named the signed agreement “the first trade task” for the new government. According to him, the countries agreed to create an investment fund worth 350 billion dollars, of which 150 billion will be directed to joint projects in the field of shipbuilding.
“Through these negotiations, the government removed uncertainty in the export environment and created conditions for competition with major countries on equal or higher terms by aligning U.S. tariffs with those of major exporting competitors or setting them below“, he explained.
