The U.S. has struck a “Full and Complete Trade Deal” with South Korea, President Donald Trump said in a Wednesday Truth Social post.
If finalized, the U.S. would charge a 15% tariff on imports from South Korea, per Trump. U.S. goods imported to Korea, meanwhile, would not be subject to any tariffs.
Earlier this month, Trump shared a letter on X stating imports from South Korea would face a 25% tariff starting Aug. 1, when his previously announced country-specific reciprocal tariffs are slated to return.
“It is also agreed 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.,” Trump said Wednesday.
Under the proposed deal, South Korea would also provide $350 million in investments to the U.S., with Trump overseeing how they are implemented.
South Korea will also buy $100 billion of energy products in addition to investing an additional, undisclosed “large sum of money,” Trump said. He added that the sum will be revealed in the next two weeks when South Korea President Lee Jae Myung comes to the White House for a bilateral meeting.
The U.S. imported about $132 billion worth of goods from South Korea in 2024. U.S. exports to the country stood at $66 billion last year, with South Korea accounting for 3.7% of U.S. trade, according to U.S. International Trade Commission data.
Trump has reached some level of agreement with several U.S. trading partners regarding tariffs and other trade policies in the past 10 days, including the European Union, Japan, Indonesia and the Philippines.
