U.S. Lowers Mutual Tariffs with Korea from 25% to 15%
Korea Pledges 630 Trillion Won Investment and Energy Purchases
Korea-U.S. Summit to Be Held at the White House Within Two Weeks
U.S. President Donald Trump has decided to impose a 15% tariff on most Korean imports. This is lower than the previously announced 25%, and is now set at the same level as the agreements the United States recently reached with Japan and the European Union (EU). In return, Korea has pledged to invest a total of $450 billion (approximately 630 trillion won) in the United States and to purchase American energy products.
On the 30th (local time), President Trump announced on his own social networking service (SNS), Truth Social, "I am pleased that the United States has reached a full and comprehensive trade agreement with Korea."
President Trump stated, "We have agreed to impose a 15% tariff on Korea," and added, "No tariffs will be imposed on the United States." He continued, "Korea will fully open its market to trade with the United States," and said, "We have agreed that Korea will accept American products such as automobiles, trucks, and agricultural goods."
He particularly emphasized that Korea has offered a package of gifts, including $450 billion in investments in the United States and purchases of American energy products.
President Trump explained, "Under this agreement, Korea will provide $350 billion to investment destinations owned and controlled by the United States, which I will personally select as President." He also stated, "Korea plans to purchase $100 billion worth of liquefied natural gas (LNG) and other energy products," and added, "In addition, Korea has agreed to make further large-scale investments according to its own investment objectives."
He announced that President Lee Jaemyung will visit the White House within two weeks for a summit meeting, during which the large-scale investment plan will be announced.
President Trump emphasized, "This investment scale will be announced at the bilateral summit to be held when President Lee visits the White House within the next two weeks," adding, "I congratulate the new president on his election victory and look forward to our future cooperation."
Finally, he said, "I thank the (Korean) trade delegation who attended today," and added, "It was an honor to meet with them and discuss Korea's great achievements."
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