On July 30th, local time, President Trump of the United States announced that the United States had reached a “complete and full” trade agreement with South Korea. According to the agreement, South Korea will provide $350 billion to the United States 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 investing a significant amount of funds for its own domestic investment purposes. The amount will be disclosed during a bilateral meeting between South Korean President Moon Jae-in and U.S. President Donald Trump two weeks later.
Trump stated that both the U.S. and South Korea have reached an agreement:
The U.S. will impose a 15% tariff on South Korea.
At the same time, the U.S. will not be subject to tariffs. South Korea will fully open its trade to the U.S., accepting American products including automobiles, trucks, and agricultural goods. (Liu Xiaoqian)
Trump’s tariff policy has impacted the global economy.
