△ South Korean President Moon Jae-in (photo)
On July 31st, local time, South Korean President Moon Jae-in announced that the agreement on tariffs between South Korea and the United States has eliminated uncertainty in South Korea’s export environment.
Moon Jae-in stated that out of the $350 billion investment in the US by South Korea, $150 billion will be designated as a special fund for South Korea-US shipbuilding cooperation.
On July 30th, local time, US President Donald Trump announced that the US had reached a “comprehensive and complete” trade agreement with South Korea. According to the agreement, South Korea will provide $350 billion to the US for investment projects owned and controlled by the US. Additionally, South Korea will purchase $100 billion worth of liquefied natural gas or other energy products, and commit to investing a significant amount of funds for its own domestic investment purposes. The amount will be disclosed during a bilateral meeting between President Moon Jae-in and US President Donald Trump two weeks later.
Trump expressed that both sides have agreed:
The US will impose a 15% tariff on South Korea.
At the same time, the US will not be subject to any tariffs. South Korea will fully open up its trade to the US, accepting American products including automobiles, trucks, and agricultural products. (CCTV Reporter Zhang Yun)