Washington: United States President Donald Trump announced that the US will impose a 15 percent tariff on imports from the Republic of Korea, a reduction from the initially proposed 25 percent.
According to Emirates News Agency, Trump made the announcement on his platform Truth Social, stating, “We have agreed to a Tariff for South Korea of 15%. America will not be charged a tariff.” The agreement outlines that Korea will provide the United States with $350 billion for investments owned and controlled by the US, to be selected by Trump himself.
The deal also includes commitments from Seoul to purchase liquefied natural gas or other energy products valued at $100 billion. Additionally, South Korea has agreed to accept American products, including cars and agricultural goods, as part of the new trade agreement.
US Commerce Secretary Howard Lutnick confirmed that the 15 percent tariff rate would extend to car imports, reflecting the broader implications of the agreement on the automotive industry.