According to the latest news from Yonhap News Agency on July 31, U.S. President Donald Trump announced that he will hold a summit with South Korean President Moon Jae-in at the White House within two weeks.
Trump had earlier stated (on July 30) local time) that both sides in the U.S. and South Korea have reached an agreement, where the United States will impose a 15% tariff on South Korea. The United States will not be subject to any tariffs. South Korea will fully open its trade to the United States, accepting products including automobiles, trucks, and agricultural goods from the U.S.
Moon Jae-in confirmed the trade agreement between the U.S. and South Korea: investing $350 billion in the U.S. and setting up a dedicated shipbuilding facility (News)
△ South Korean President Moon Jae-in (Photo)
On July 31 local time, South Korean President Moon Jae-in expressed that the agreement on tariffs has eliminated uncertainty in South Korea’s export environment. Moon Jae-in mentioned that out of the $350 billion investment in the U.S., $150 billion will be designated for the exclusive use of South Korea-U.S. shipbuilding cooperation.
Kim Young-nam, the Director of the Policy Office of the South Korean Presidential Office, further explained the trade agreement between the U.S. and South Korea, stating that the U.S. tariff on South Korean automobiles will be reduced to 15%; South Korea will not further open its rice and beef markets to the U.S.
On July 30 local time, U.S. President Donald Trump stated that the U.S. and South Korea have reached a “complete and comprehensive” trade agreement. According to the agreement, South Korea will provide $350 billion to the U.S. for investment projects owned and controlled by the U.S. Additionally, South Korea will purchase $100 billion worth of liquefied natural gas or other energy products, and commit to making a significant amount of additional investments for its own domestic purposes. This amount will be disclosed during a bilateral meeting between President Moon Jae-in and Trump in the U.S. two weeks later.
Trump stated that both parties in the U.S. and South Korea have agreed upon the following:
The U.S. will impose a 15% tariff on South Korea
. At the same time, the U.S. will not be subject to any tariffs. South Korea will fully open its trade to the U.S., accepting American products including automobiles, trucks, and agricultural goods. (CCTV Reporter: Zhang Yun)