President Donald Trump announced a new trade deal with South Korea, which calls for 15% tariffs on goods from there.
“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,” he said in a Truth Social post on Wednesday.
Goods from South Korea briefly faced a 25% “reciprocal” tariff in April before Trump paused levies impacting dozens of nations. The pause was set to expire on Friday.
The new tariff of 15%, however, is still higher than the 10% minimum tariff South Korea and dozens of other nations’ goods have been charged since April.
Goods from the European Union and Japan, with which Trump announced recent trade agreements, also face a 15% tariff. Those agreements included relief from sectoral tariffs in place or threatened, including on autos and pharmaceuticals.
It’s unclear if South Korea was able to get such relief as well. Like Japan, it’s been pushing for lower auto tariffs, currently at 25%. Cars are a main source of exports for South Korea to the US.
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Author: Faith Novak
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