Latest news with #Lee Jae Myung
Yahoo
9 minutes ago
- Business
- Yahoo
Trump reaches trade agreement with South Korea
President Trump announced on Wednesday that the U.S. had struck a trade deal with South Korea, which will now face a 15% tariff on its exports. Under the deal, South Korea will invest $350 billion in key U.S. industries and purchase $100 billion worth of its liquified natural gas, Trump wrote on social media on Wednesday. He added that further investments would be announced when South Korean President Lee Jae Myung visits Washington in the next two weeks. The new rate is a significant reduction from the 25% Trump had announced via a letter earlier this month, but still a blow to the longstanding free trade regime that had, for years, kept duties on goods from either country close to zero. Trump has long decried this arrangement as unfair to the U.S., which last year recorded a $66 billion trade deficit with South Korea. Read more: South Korea struggles with uncertainty over U.S. trade negotiations 'We are seeing that the negotiations happening in many countries since April are unfolding in a way that is very different from the principles of the WTO or FTA,' said Kim Yong-beom, a senior policy official for South Korea's presidential office, at a press conference on Thursday. 'It is regrettable.' Kim said that South Korean negotiators had pushed for a 12.5% rate on automobiles — one of the country's most important exports to the U.S. — but that they had been rebuffed, with Trump firm on his stance that 'everybody gets 15%.' U.S. and South Korean officials appear to be interpreting the deal — whose details are still scant — in different ways. Calling it an 'historic trade deal,' commerce secretary Howard Lutnick wrote on social media that '90% of the profits' of South Korea's $350 billion investment would go 'to the American people,' a claim that has immediately raised eyebrows in South Korea. Trump said something similar about the $550 billion investment package included in the trade deal struck with Japan earlier this month. Japanese officials, on the other hand, have said the profits would be split proportionately, based on the amount of contribution and risk from each side. At the press conference, Kim said that Seoul is operating under the assumption that 90% of the profits will be 're-invested' — not unilaterally claimed. He added that the specific terms still need to be laid out on a 'per-project basis.' 'In a normal civilized country, who would be able to accept that we invest the money while the U.S. takes 90% of the profits?' he asked. South Korean President Lee Jae Myung has framed the $350 billion investment as a boost to South Korean shipbuilding, semiconductor and energy companies trying to make inroads into the U.S. markets. Read more: The U.S. has long wanted to sell more cars in Asia. Do Asian consumers want them? 'This agreement is the meeting of the U.S.' interest in reviving manufacturing and our intention to make South Korea companies more competitive in the U.S. market,' he said in a social media post on Thursday. 'I hope that it will strengthen industrial cooperation between South Korea and the U.S. as well as our military alliance.' While Trump also said that 'South Korea will be completely OPEN TO TRADE with the United States, and that they will accept American product including Cars and Trucks, Agriculture, etc,' Kim said that agriculture was not part of the deal and that no concessions on U.S. rice or beef — two major points of contention between Seoul and Washington — were given. South Korea, which is the world's top importer of American beef, currently bans beef from cattle that are older than 30 months on concerns it may introduce bovine spongiform encephalopathy, or mad cow disease. Given its status as a staple crop and a critical source of farmers' livelihoods, rice is one of the few agricultural goods heavily protected by the South Korean government. Seoul currently imposes a 5% tariff on U.S. rice up to 132,304 tons, and 513% for any excess. 'We were able to successfully defend a lot of our positions in those areas,' Kim said. Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week. This story originally appeared in Los Angeles Times. Solve the daily Crossword
Al Arabiya
3 hours ago
- Business
- Al Arabiya
Trump says US to impose 15 percent tariff on South Korean goods
President Donald Trump said Wednesday that the United States w ill impose a 15 percent tariff on imports from South Korea, as he touted a 'full and complete trade deal' between both countries. 'South Korea will give to the United States $350 billion dollars 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 percent rate is below a 25 percent rate that Trump had threatened earlier, and was equivalent to levies determined from US trade 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.' The meeting will be their first since Lee assumed the presidency in June. In a statement posted to 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,' Lee said. Lee was elected in a snap vote last month following the impeachment of his predecessor, Yoon Suk Yeol, over his disastrous martial law declaration in December. Now at the helm of Asia's fourth-largest economy, which is heavily reliant on exports, the trade deal marks an early victory for Lee's tenure. 'This agreement represents the convergence of US interests in revitalizing its manufacturing sector and our determination to strengthen Korean companies' competitiveness in the American market,' Lee's statement continued. Since returning to the White House in January, Trump has imposed a sweeping 10 percent tariff on allies and competitors alike — with rates set to increase for dozens of economies on August 1 — alongside steeper levels on steel, aluminum, and autos. In contrast with the 15 percent tariff for South Korea, Trump on Wednesday also placed 25 percent tariffs on imports from India and 50 percent on those from Brazil. The latter rate was determined in part as retaliation for what Trump has called a 'witch hunt' against his far-right ally Jair Bolsonaro, Brazil's former president who is currently undergoing a criminal trial.
Malay Mail
4 hours ago
- Business
- Malay Mail
Trump slaps 15pc tariff on South Korean goods, touts US$350b investment deal
WASHINGTON, July 31 — President Donald Trump said Wednesday that the United States will impose a 15 per cent tariff on imports from South Korea, as he touted a 'full and complete trade deal' between both countries. 'South Korea will give to the United States US$350 Billion Dollars (RM1.5 trillion) for Investments,' Trump said in a post on his Truth Social platform, adding that the country would buy US$100 billion in liquefied natural gas or other energy products. The 15 per cent rate is below a 25 per cent rate that Trump had threatened earlier, and was equivalent to levies determined from US trade 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.' 'Overcome a major hurdle' The meeting will be their first since Lee assumed the presidency in June. In a statement posted to 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,' Lee said. Lee was elected in a snap vote last month following the impeachment of his predecessor, Yoon Suk Yeol, over his disastrous martial law declaration in December. Now at the helm of Asia's fourth-largest economy, which is heavily reliant on exports, the trade deal marks an early victory for Lee's tenure. 'This agreement represents the convergence of US interests in revitalizing its manufacturing sector and our determination to strengthen Korean companies' competitiveness in the American market,' Lee's statement continued. Since returning to the White House in January, Trump has imposed a sweeping 10 per cent tariff on allies and competitors alike — with rates set to increase for dozens of economies on August 1 — alongside steeper levels on steel, aluminium and autos. In contrast with the 15 per cent tariff for South Korea, Trump on Wednesday also placed 25 per cent tariffs on imports from India and 50 per cent on those from Brazil. The latter rate was determined in part as retaliation for what Trump has called a 'witch hunt' against his far-right ally Jair Bolsonaro, Brazil's former president who is currently undergoing a criminal trial. — AFP
News.com.au
5 hours ago
- Business
- News.com.au
Trump says US to impose 15% tariff on South Korean goods
President Donald Trump said Wednesday that the United States will impose a 15 percent tariff on imports from South Korea, as he touted a "full and complete trade deal" between both countries. "South Korea will give to the United States $350 Billion Dollars 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 percent rate is below a 25 percent rate that Trump had threatened earlier, and was equivalent to levies determined from US trade 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." - 'Overcome a major hurdle' - The meeting will be their first since Lee assumed the presidency in June. In a statement posted to 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," Lee said. Lee was elected in a snap vote last month following the impeachment of his predecessor, Yoon Suk Yeol, over his disastrous martial law declaration in December. Now at the helm of Asia's fourth-largest economy, which is heavily reliant on exports, the trade deal marks an early victory for Lee's tenure. "This agreement represents the convergence of US interests in revitalizing its manufacturing sector and our determination to strengthen Korean companies' competitiveness in the American market," Lee's statement continued. Since returning to the White House in January, Trump has imposed a sweeping 10 percent tariff on allies and competitors alike -- with rates set to increase for dozens of economies on August 1 -- alongside steeper levels on steel, aluminum and autos. In contrast with the 15 percent tariff for South Korea, Trump on Wednesday also placed 25 percent tariffs on imports from India and 50 percent on those from Brazil. The latter rate was determined in part as retaliation for what Trump has called a "witch hunt" against his far-right ally Jair Bolsonaro, Brazil's former president who is currently undergoing a criminal trial.
Daily Mail
6 hours ago
- Business
- Daily Mail
Trump announces major trade deal with South Korea that includes $350 billion investment
President Donald Trump said on Wednesday the United States would charge a 15% tariff on imports from South Korea as part of an agreement with the Asian trading partner that avoids even higher levies. '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,' Trump said on Truth Social. The South Korean government could not immediately be reached for comment. Reuters has not verified the terms of a deal. As part of the arrangement, South Korea would invest $350 billion in the United States in projects selected by Trump and purchase $100 billion of liquefied natural gas and other energy products, the president said. It was not immediately clear how the investment deals would be structured or over what time frame. Trump said additional investments would be announced later. South Korean President Lee Jae Myung will visit the White House 'within the next two weeks' for a meeting with Trump, the U.S. president added. Trump also said South Korea would accept American products, including cars, trucks and agriculture into its markets and impose no import duties on them. President Donald Trump said on Wednesday the United States would charge a 15% tariff on imports from South Korea as part of an agreement with the Asian trading partner that avoids even higher levies
