US EditionSouth Korea trade deal appears elusive as Trump seeks $350B investment
The US agreed to reduce tariffs on South Korean automobiles to 15% in exchange for a $350 billion South Korean investment commitment, finalizing terms after intensive negotiations.
- President Trump is seeking a $350 billion investment from South Korea in the United States, but negotiations have been slow over the structure and format of the investments.
- South Korean officials say a direct cash injection could destabilize their economy, preferring loans and loan guarantees instead, and needing a currency swap line.
- While Trump secured $490 billion in commitments from Japan, South Korea faces 25% auto tariffs compared to 15% for Japanese and European competitors.
214 Articles
214 Articles
Announced this Wednesday, October 29, by the US President following a meeting with his South Korean counterpart Lee Jae-myung, the trade agreement includes a South Korean investment plan in the United States and a reduction in customs duties for the South Korean automotive industry.
South Korea, US reach agreement on trade deal
The agreement on the big frame of the trade deal in July had brought the reciprocal tariff down to 15 per cent, but South Korea's automobile export was still subject to 25 per cent tariff rate and details on the agreement were not concluded until Trump met with Lee on the sideline of APEC.
American and South Korean presidents Donald Trump and Lee Jae-myung today determined the details of the trade agreement, the implementation of which was faced with difficulties.
South Korea is investing 350 billion US dollars in the US, but according to Seoul, the United States is reducing tariffs on cars. There are even more details of the trade agreement.
US, South Korea reach deal on tariffs & investments, says presidential aide
The United States and South Korea have reached 'an agreement on the details of the tariff negotiations', which will bring US tariffs on automobiles to 15% in exchange for South Korea's $350-billion investments in the United States, according to a top aide of South Korean President Lee Jae Myung.
Donald Trump declared himself optimistic on Wednesday on the eve of a crucial meeting with Chinese President Xi Jinping in South Korea, leaving hope for a truce in the brutal trade war between the two powers, before announcing the conclusion of a trade agreement with Seoul.
Coverage Details
Bias Distribution
- 49% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
