TEMPO.CO, Jakarta - US President Donald Trump announced a comprehensive trade deal with South Korea on Thursday, with tariffs on Seoul set at 15 percent. This is lower than the 25 percent he threatened earlier this month — while US imports to South Korea will not be subject to tariffs.
"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, as reported by CBS News.
South Korean President Lee Jae-myung confirmed his country had reached an agreement with the US in a Facebook post.
"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," he wrote.
South Korea is the latest major US trading partner to reach an agreement with the Trump administration, ahead of the Friday, August 1, 2025, deadline when Trump has said he will impose hefty tariffs on dozens of countries.
"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," he said.
Trump also said that the investment amount will be announced in the next two weeks when South Korean President Lee Jae Myung comes to the White House for a bilateral meeting.
"I would also like to congratulate the new President on his Electoral Success," Trump said.
"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," Trump added.
"We have agreed to a Tariff for South Korea of 15%. America will not be charged a Tariff. I would like to thank the Trade Representatives who came forward today," he added.
The US president said it was an honor to meet with the South Korean representatives and talk about the country's great successes.
South Korea was the US's sixth-largest trading partner last year, excluding multi-nation blocs like the European Union, according to Census Bureau data. The US imports $131.5 billion worth of South Korean goods, and South Korea buys $65.5 billion worth of American goods.
More than $45 billion of US imports from South Korea are cars and auto parts, according to federal statistics. Cars from South Korea will be subject to a 15 percent tariff, instead of the 25 percent tariff Trump imposed on foreign cars and auto parts from other countries, Commerce Secretary Howard Lutnick said at the time.
The president also announced a deal with Japan last week and an agreement with the 27-member European Union on Sunday. Deals with the US's three largest single trading partners: Canada, Mexico, and China, remain pending.
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