WASHINGTON — President Donald Trump said he struck a trade deal with South Korea that would involve investments in the United States, the purchase of liquified natural gas and a 15% tariff on imports.
America will not be charged a corresponding tariff by South Korea, he said in a social media post.
Trump announced the agreement on Truth Social, as well as an August visit to the White House by South Korean leader Lee Jae Myung.
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“The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President,” Trump wrote.
Trump said South Korea had also committed to purchasing $100 billion of LNG and other energy products from the U.S. and pledged to invest another “large sum of money” that would be revealed during Lee’s upcoming visit.
“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.
Trump had threated to put a 25% tariff on South Korea in a letter to Lee in early July. It would have went into effect on Aug. 1 without a trade deal or a reprieve.
In another post, Trump said he had also come to an agreement with Pakistan, “whereby Pakistan and the United States will work together on developing their massive Oil Reserves.” He said the nations were in the process of selecting an oil company to lead the partnership.
This article originally appeared on USA TODAY: Trump strikes trade deal with South Korea, including 15% tariff
