South Korea, US Conclude Trade Deal
(MENAFN) President Donald Trump declared that the United States has completed a trade agreement with South Korea, which includes a 15% duty on products brought in from Seoul.
Alongside this, South Korea has committed to allocating $350 billion toward investments governed by the US and has also agreed to spend $100 billion on acquiring American energy supplies.
Trump highlighted the arrangement on Truth Social on Wednesday, stating that American exports would face no equivalent tariffs.
He characterized the accord as a “Full and Complete Trade Deal” intended to “stabilize economic relations” with an essential ally in Asia.
South Korean President Lee Jae-myung referred to the deal as the outcome of meticulous planning.
In a Facebook post, he explained that Seoul had “gathered diverse opinions and refined our strategies” before securing the agreement.
Lee emphasized that the $350 billion pledged toward the US economy will strengthen Korean industries’ access to the American market in fields like shipbuilding, semiconductors, secondary batteries, biotechnology, and energy.
As reported by the Commerce Department, South Korea shipped $132 billion worth of goods to the United States in 2024 — notably automobiles, semiconductors, and electronics — while American exports to South Korea amounted to $66 billion, primarily consisting of industrial machinery, petroleum, and gas.
This imbalance resulted in a $66 billion US trade shortfall in goods, though the gap would decrease when services are factored in.
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