Trump says US to impose 15% tariff on South Korean goods
WASHINGTON (AFP) US President Donald Trump said on Wednesday the United States will impose a 15 per cent tariff on imports from South Korea, as he touted a "complete trade deal" between the two countries."South Korea will give to the United States $350 billion for Investments," Trump said in a post on his Truth Social platform, adding that the country would buy $100 billion in liquefied natural gas or other energy products.The 15 per cent rate is below a 25 per cent tariff that Trump had threatened earlier, and was equivalent to deals with Japan and the European Union.Trump added that an additional unspecified "large sum of money" will be invested by Seoul."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," Trump said, offering congratulations to his South Korean counterpart for his "electoral success."South Korea's Finance Minister Koo Yun-cheol said Seoul's commitment to help the United States revive its shipbuilding industry was instrumental in reaching the deal."I believe MASGA made the greatest contribution to reaching today's agreement," Koo said at a news conference in Washington, referring to the "Make American Shipbuilding Great Again" proposal."Our world-class shipbuilding companies, equipped with the highest level of ship design and construction capabilities, are expected to help revive the US shipbuilding industry," he said.Shares in South Korean shipbuilder Hanwha Ocean, which owns a shipyard in Philadelphia, soared more than 15 per cent on Thursday. The leaders' White House meeting will be their first since Lee assumed the presidency in June.In a statement on Facebook, Lee called the deal "the first major trade challenge" since his administration took power, adding: "We have overcome a major hurdle."
"Through this deal, the government has eliminated uncertainty surrounding export conditions and ensured that US tariffs on our exports are either lower than or equal to those imposed on our major trade competitors."
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