Trump announces a 15% tariff on South Korean imports

Donald Trump announced on Wednesday that the United States will impose a 15% tariff for imports from South Korea, as part of a deal with the Asian trading partner to avoid even higher levies.

Trump stated on Truth Social that he was "pleased to announce" the United States of America had agreed to a Full & Complete Trade Deal (FTC) with the Republic of Korea.

It was not possible to reach the South Korean government for a comment immediately. The terms of the deal have not been verified.

The U.S. President said that as part of this agreement, South Korea will invest $350 billion dollars in the United States on projects chosen by Trump, and buy $100 billion worth of liquefied gas and other energy product.

The exact structure of the investments or their duration was not immediately apparent. Trump announced that additional investments will be announced in the future.

The U.S. President said that South Korean president Lee Jae Myung would visit the White House in the "next two weeks" to meet with Trump.

Trump said that South Korea will accept American products such as cars, trucks, and agricultural products into its market and would not impose any import duties. Reporting by Trevor Hunnicutt, Ju-min Park and Alistair Bell; Editing and Jamie Freed.

(source: Reuters)