Trump announces 15% tariff in trade deal with S. Korea

Trump says White House summit with Lee to take place within two weeks

President Lee Jae-myung (right) and U.S. President Donald Trump /AFP-Yonhap

U.S. President Donald Trump said on July 30 that the U.S. and South Korea had reached a trade agreement, and that planned tariffs set to begin Aug. 1 would be reduced from 25% to 15%.

Trump made the announcement on his social media platform Truth Social after meeting with South Korean officials visiting Washington, including Deputy Prime Minister and Finance Minister Koo Yoon-cheol and Industry Minister Kim Jung-kwan.

He said South Korea will invest $350 billion in the U.S., including large purchases of American liquefied natural gas (LNG). He also said he will meet President Lee Jae-myung at the White House in two weeks for a summit, where more details of the deal will be shared.

“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. “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.” He added that South Korea will buy $100 billion worth of LNG and other energy products, and invest more funds in the U.S. economy. Japan, which has a similar trade and industrial structure, had previously agreed to invest $550 billion in the U.S. under similar terms, with tariffs also cut from 25% to 15%.

Trump said the full agreement will be announced during Lee’s upcoming visit and congratulated him on his recent election win.

Trump also said, “South Korea will be completely open to trade with the United States,” accepting American products including cars, trucks, and agricultural goods, suggesting Seoul has accepted key U.S. demands to ease non-tariff barriers. Deputy Prime Minister Koo, Industry Minister Kim, and Trade Negotiation Chief Yeo Han-koo are scheduled to brief the media on the agreement at the Korean Embassy in Washington at 9:30 p.m. on July 30.

Trump noted, “We have agreed on a 15% tariff for South Korea. America will not face any tariffs.” He then thanked the South Korean trade representatives who attended the meeting, saying, “It was an honor to meet them and discuss the great success of their country.”

South Korea’s negotiating team also held talks earlier in the day with U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer. Top Korean business leaders, including Samsung Chairman Lee Jae-yong, Hyundai Chairman Chung Eui-sun, and Hanwha Vice Chairman Kim Dong-kwan, were also in Washington for meetings with senior U.S. officials.

Trump had posted earlier that he would meet the Korean delegation to hear their proposal. Just three hours later, he announced the deal. A separate “2+2” meeting between South Korean and U.S. financial and trade officials will go ahead on July 31 as planned, with U.S. Treasury Secretary Scott Bessent expected to attend.