U.S. Sets 15% Tariff on South Korean Imports in $350 Billion Deal

The United States will impose a 15% tariff on all goods imported from South Korea under a trade agreement announced by President Donald Trump. The rate is lower than the 25% duty the White House had threatened to levy if the two sides failed to strike a deal before 1 August, easing tensions with one of Washington’s largest trading partners and a key security ally in Asia. In return, Seoul has pledged to channel $350 billion into U.S. projects selected by the administration and to purchase $100 billion worth of American energy products over the next several years. The accord also caps tariffs on South Korean automobiles at 15%, aligning them with those faced by Japan and the European Union. South Korean President Lee Jae Myung said the arrangement removes uncertainty for exporters and will be followed by his first visit to the White House within two weeks.