President Trump on Wednesday introduced the US had struck a commerce take care of South Korea forward of his Aug. 1 tariff deadline, placing 15 % tariffs on items from there.
Trump mentioned on a TruthSocial publish that South Korea will make $350 billion in investments within the U.S. and buy $100 billion of liquefied pure fuel and different merchandise.
“This sum shall be introduced inside the subsequent two weeks when the President of South Korea, Lee Jae Myung, involves the White Home for a Bilateral Assembly. I might additionally prefer to congratulate the brand new President on his Electoral Success,” Trump mentioned in his publish. “It is usually agreed that South Korea shall be utterly OPEN TO TRADE with the US, and that they’ll settle for American product together with Automobiles and Vans, Agriculture, and many others. “
The brand new deal is down from the 25 % tariff Trump had threatened.
The president has prolonged deadlines on tariffs a number of instances all through his second time period to present buying and selling companions time to barter the offers. However on Wednesday, he indicated there can be no extensions of the deadline on the finish of the week.
“The August first deadline is the August first deadline — It stands sturdy, and won’t be prolonged. An enormous day for America!!!” Trump posted on Fact Social.
Trump has despatched letters to a number of nations telling them of tariff charges they’ll face to export their items into the U.S. beginning Aug. 1. These embrace a 25 % tariff on India, a 35 % tariff on Bangladesh and a 50 % tariff on Brazil, amongst others.
The White Home has additionally struck deals with a handful of different nations to set decrease tariff charges, together with with Japan, the European Union, Indonesia and the UK.
Critics argue that the main points of these agreements haven’t been totally fleshed out, and that whereas the tariffs negotiated are decrease than Trump’s preliminary menace, they’re nonetheless increased than earlier than he took workplace.