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President Donald Trump announced Wednesday night that the United States has reached what he called a “full and complete trade deal” with South Korea, following a meeting earlier in the day with South Korean officials to discuss tariff reductions.
The agreement, outlined in a post on Trump’s Truth Social platform, would lower tariffs on South Korean imports from 25 to 15 percent, mirroring a recent deal Trump touted with the European Union that also reduced tariffs in exchange for increased investment in American energy and other goods.
“I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea. 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 posted to Truth Social.
“Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes. This sum will be announced within the next two weeks when the President of South Korea, Lee Jae Myung, comes to the White House for a Bilateral Meeting,” he added.
The president also congratulated the new South Korean president and shared plans for President Lee Jae Myung to visit the U.S. in the next two weeks.
“I would also like to congratulate the new President on his Electoral Success. 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. We have agreed to a Tariff for South Korea of 15%. America will not be charged a Tariff,” Trump also wrote.
“I would like to thank the Trade Representatives who came forward today. It was an Honor to meet them, and talk about the Great Success of their Country!The deal is expected to be finalized during an upcoming visit to the White House by South Korean President Lee Jae Myung, which is expected within the next two weeks,” he concluded.
Trump also indicated that other countries are seeking similar agreements, offering tariff concessions in exchange for trade arrangements with the U.S.
“All of this will help reduce our Trade Deficit in a very major way. A full report will be released at the appropriate time,” he said. “MAKE AMERICA GREAT AGAIN!”