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President Trump announced Wednesday that the U.S. and South Korea have reached a comprehensive trade agreement, in which the East Asian country will invest $350 billion in American projects selected by Trump.
South Korea, which has agreed to be “completely open” to trade with the U.S., will now face a reduced tariff of 15% on imported goods — down from the planned 25%, which would have gone into effect on Aug. 1, Trump said.
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“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,” Trump said in a Truth Social post Wednesday. “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.”
As part of the deal, the U.S. President said South Korea will also purchase $100 billion worth of liquefied natural gas (LNG) or other energy products.
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“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 said. “This sum will be announced within the next two weeks when the President of South Korea, Lee Jae Myung, comes to the White House for a Bilateral Meeting.”
In the Truth Social post, Trump congratulated South Korean President Lee Jae-myung on his recent election win. South Korean voters swung left in the presidential race last month, and conservative candidate Kim Moon-soo conceded defeat to liberal opponent Lee in the snap election.
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“I would also like to congratulate the new President on his Electoral Success. It is also agreed that South Korea will be completely OPEN TO TRADE with the United States, and that they will accept American product including Cars and Trucks, Agriculture, etc,” Trump said. “… I would like to thank the Trade Representatives who came forward today. It was an Honor to meet them, and talk about the Great Success of their Country!”
The announcement comes just hours after Trump announced that the U.S. had reached a trade deal with Pakistan in which the two countries will work together to develop the South Asian country’s oil reserves.
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Earlier this month, Trump announced the U.S. would impose 25% tariffs on goods imported from Japan and South Korea, effective Aug. 1.
The White House did not immediately respond to Fox Business’ request for comment.
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