President Donald Trump announced this Thursday that he had reached a trade agreement with South Korea, in an agreement that will benefit the United States with over 350 billion dollars in investments and will reduce the advantages of Korean automobile manufacturers in the U.S. market.
This way, South Korea accepts a 15% tariff on its goods entering U.S. soil, compared to the 25% rate that would have been applied if the two countries had not reached a trade agreement before August 1, the deadline imposed by Trump.
Trump also agreed to meet at a summit to discuss the provisions of the agreement with the newly elected South Korean president Lee Jae-myung, a left-wing politician who took office in June and who has no experience in foreign policy.
Trump comments on the agreement.
The president celebrated this agreement on Truth Social, where he also announced plans to meet with his South Korean counterpart and congratulated him on his electoral victory last June.
"The agreement is that South Korea will give the United States 350 billion dollars in investments that will be owned and controlled by the United States, and selected by me, as president," Trump detailed.
"Additionally, South Korea will spend 100 billion dollars on liquefied natural gas and other energy products and, furthermore, has agreed to invest a large sum of money for its own investment purposes," he continued.
