Key points
- Deal had eliminated uncertainty in export environment: South Korean President Lee
- Lee will visit White House “within the next two weeks”: Trump
- Additional South Korean investments will be announced later: Trump
ISLAMABAD: US President Donald Trump has said that the US will charge a 15 per cent tariff on imports from South Korea, down from a threatened 25 per cent, as part of a deal.
Reuters reported that the arrangement, announced shortly after Trump met with Korean officials at the White House.
“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,” Reuters cited Trump as saying.
The negotiations were an early test for South Korean President Lee Jae Myung, who took office in June after a snap election.
US tariffs
He said the deal had eliminated uncertainty in the export environment and set US tariffs lower than or at the same level as major competitors.
“We have crossed a big hurdle,” Reuters cited Lee as saying. Trump said Lee would visit the White House “within the next two weeks” for his first meeting with the US president.
Energy products
South Korea agreed to invest $350 billion in the United States in projects selected by Trump and to purchase $100 billion in energy products, the U.S. president said.
He also said South Korea would accept American products, including autos and agriculture into its markets and impose no import duties on them.
South Korea’s top officials said the country’s rice and beef markets would not be further open, and that discussions over US demands on food regulations continue. Trump said additional South Korean investments would be announced later.
