The United States has determined the firm tariff rate that it intends to impose on South Korea. As per President Donald Trump, a decision has been made to set a 15% tariff rate for the country, which is down from the previously threatened 25% rate.
As per Reuters, the lower rate came after the US and South Korea signed a deal that will also see the Asian country investing $350 billion in US projects, including shipbuilding, chips, and batteries, all while also agreeing to purchase as many as $100 billion of US energy products.
Speaking about the deal and the tariff rate, President Trump stated on Truth Social:
"I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea. The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President. Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes."
Trump also explains that the US will not be charged a tariff in return and that South Korea will be "completely open to trade with the United States".