Seoul, South Korea skyline at night / Envato Market
by Worthy News Washington D.C. Bureau Staff
(Worthy News) – President Donald Trump announced a sweeping new trade agreement with South Korea on Wednesday, just ahead of an August 1 deadline he had previously set for sharply increased tariffs if no progress was made in rebalancing trade relations.
“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,” Trump wrote on Truth Social, hailing the agreement as a major victory for American manufacturing, energy, and agriculture.
Under the terms of the deal, South Korea will invest $350 billion into assets “owned and controlled by the United States,” with specific investments to be selected personally by President Trump. Additionally, Seoul has agreed to purchase $100 billion worth of liquefied natural gas and other energy products from American producers.
Trump emphasized that South Korea will fully open its markets to U.S. products, including automobiles, trucks, and agricultural goods. In return, the United States will impose a 15 percent tariff on South Korean imports, while American goods will enter South Korean ports duty-free.
“This is a historic day for American workers and producers,” Trump said. “We’ve rebalanced a deeply unfair relationship and opened the door for a new era of prosperity between our two nations.”
South Korean President Lee Jae Myung, who took office on June 4, is expected to visit the White House within the next two weeks, where the two leaders will announce further details, including the amount of direct South Korean investment in U.S. energy infrastructure.
“I would also like to congratulate the new President on his Electoral Success,” Trump added.
South Korea is the third-largest U.S. trading partner in the Asia-Pacific region, behind China and Japan. The agreement comes just days after a similar deal with Japan was finalized on July 22. Under that pact, Japan will pay a 15 percent reciprocal tariff to the U.S. and invest $500 billion in U.S.-based ventures, with the majority of profits benefiting the U.S. government.
Talks with China remain ongoing. A separate agreement signed earlier this month extended the deadline for finalizing a U.S.-China trade deal to August 12. Trump’s administration had previously announced a baseline global tariff of 10 percent in April, with country-specific reciprocal duties ranging from 11 to 50 percent.
In addition to the South Korean deal, Trump revealed a new cooperative agreement with Pakistan focused on developing that country’s untapped oil reserves. “The company that will lead the effort is still being decided,” Trump said, adding optimistically, “Who knows, maybe they’ll be selling Oil to India some day!”
With two major regional economies now committed to large-scale investments and trade concessions, the administration is framing the latest developments as part of a broader effort to reassert American economic leverage on the global stage.
“America is open for business–on our terms,” Trump concluded.
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