President Donald Trump announced a new trade agreement with South Korea, setting a 15% tariff on Korean importsโlower than the 25% that would have taken effect without a deal. In return, South Korea will invest $350 billion in U.S. projects selected by Trump and purchase $100 billion in American energy products.
The agreement also includes duty-free access for U.S. cars, trucks, and agricultural goods in South Korea. President Lee Jae Myung praised the deal for giving South Korea equal or better trade terms compared to other countries. He is scheduled to visit the White House within two weeks.
While Trump argues the tariffs support American manufacturing, critics warn they may lead to higher prices for consumers and global economic instability.
