Newscasts - Trump says US will set 15% tariff on South Korean imports

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31/07/2025 07:56

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Source: 'Reuters - Business videos'

Description: President Donald Trump said on Wednesday the U.S. will charge a 15% tariff on imports from South Korea as part of a deal that eases, for now, tension with a top-10 trading partner and key Asian ally. Ryan Chang reports.

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Video Transcript:

President Donald Trump said the US will charge South Korean imports a 15% tariff rate Wednesday. For now, the deal eases tension between Washington and a top 10 trading partner and key ally in Asia. It's among key trade announcements made before Trump's self-imposed August 1 deadline, when higher tariffs on US imports are set to kick in for many countries. On social media, Trump said South Korea has agreed to invest $350 billion in projects chosen by himself and also buy $100 billion of liquefied natural gas and other energy products from the US. Both have been major priorities for Trump in other trade deals. He added South Korea would accept American products, such as cars, trucks, and agriculture and impose no import duties on them. US Commerce Secretary Howard Lutnick on X said, US tariffs on South Korean autos would be lowered to 15% from 25%. He added South Korea would not be treated any worse than other countries over tariffs on its key industrial exports: chips and pharmaceuticals. But the new deal doesn't cover steel, aluminum, and copper. The negotiations were an early test for South Korean President Lee Jae Myung, who took office in June after a snap election. Lee said on social media Thursday the country had crossed a big hurdle. South Korea's presidential office said of the $350 billion investment fund, $150 billion was aimed at a shipbuilding partnership, while $200 billion would include funds for chips, nuclear power, batteries, and biologics. South Korean Presidential Adviser Kim Yong-beom said they would safeguard the country's rice and beef markets.

It is true that there were strong demands from the United States to further open our agricultural and livestock markets during negotiations. However, we agreed not to further open South Korea's rice and beef markets given the food security and sensitivity of the agricultural sector.

Pressure had been mounting on South Korea since Japan's deal earlier this month cut Trump's threatened tariffs to 15%. Top South Korean officials were believed to have met with Trump in Washington, DC, shortly before the deal was reached. Amid the last-minute push to reach a tariff deal, South Korea's Samsung inked a $16.5 billion chip deal with US EV-maker Tesla. Sources say Tesla also recently signed a $4.3 billion deal with South Korea's LG for its batteries.