US to impose 15% tariffs on South Korea as part of trade deal, Donald Trump says | Trump tariffs
President Donald Trump said the United States will provide a 15% rate on imports from South Korea as part of an agreement with the main Asian and ally trading partner who avoids even higher samples.
The arrangement, announced shortly after Trump met Korean officials in the White House, occurred during a Blizzard of the commercial policy of advertisements before an auto-August deadline.
It was at this time that Trump promised that higher prices will hinder American imports from a range of countries. Imports from South Korea, an electric exporter of computer, cars and steel fleas, had to face a rate of 25%.
“I am happy to announce that the United States of America has accepted a complete and complete trade agreement with the Republic of Korea,” said Trump on Truth Social on Wednesday.
South Korean president Lee Jae Myung said on Thursday that the agreement would place South Korea on an equal or better basis compared to other countries.
Lee also said that countries had agreed to create an investment fund of $ 350 billion, of which $ 150 billion aimed at a naval construction partnership.
In a press release published on Facebook, Lee described the agreement as “the first major commercial challenge” since his administration took power in June, adding: “We have overcome a major obstacle.”
“Thanks to this agreement, the government has eliminated uncertainty surrounding the export conditions and has ensured that the American prices of our exports are less than those imposed on our main commercial competitors,” said Lee.
The rate of 15% is equivalent to levies determined from American trade agreements with Japan and the European Union.
Trump said that as part of the arrangement, South Korea would invest $ 350 billion in the United States in projects selected by him and buy $ 100 billion in liquefied natural gas and other energy products.
It was not immediately clear how investment transactions would be structured or on what time. Trump said additional investments would be announced later.
Lee would visit the White House “in the next two weeks” for a meeting with Trump, the American president added.
He also said that South Korea would accept American products – including cars, trucks and agriculture – in its markets and would not impose any import rights to them.
The South Korean presidential office said that in the agreement, the United States would reduce prices on South Korean manufacturing cars at 15%, compared to 25%. He also said that computer flea and pharmaceutical rates imposed on the country’s exports would not be worse than other countries, and that the South Korea rice and beef markets would not be open.
The South Korean Minister of Finance Koo Yun-Cheol, the Minister of Industry Kim Jung-Kwan and the Minister of Commerce Yeo Han-Koo had been in Washington for interviews with senior American officials and would have met Trump shortly before the announcement of the agreement.
Pressure has risen on South Korea since Japan won an agreement to reduce Trump’s threatened tariffs to 15% earlier this month.
In the middle of the last minute push of government officials to conclude a tariff agreement, Samsung Electronics in South Korea signed a chip of $ 16.5 billion with Tesla.
South Korean battery manufacturer LG Energy Solution has also signed an agreement of $ 4.3 billion to provide Tesla with energy storage system batteries, a familiar person told Reuters.
Unlike the 15% price for South Korea, Trump also placed 25% of import prices on India and 50% on those in Brazil on Wednesday.
With Reuters and France-Press agency
