Posted on 07/31/2025 8:33:46 AM PDT by SeekAndFind
US President Donald Trump announced a new trade deal with South Korea, which calls for 15% tariffs on goods from there, after the country scrambled to secure an agreement ahead of the Friday deadline.
“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,” he said in a Truth Social post on Wednesday.
Goods from South Korea briefly faced a 25% “reciprocal” tariff in April, before Trump paused levies impacting dozens of nations. The pause was set to expire on August 1.
Announcing the deal on Facebook, South Korea’s President Lee Jae Myung said an agreement was reached despite a tight timeframe and tough conditions. Lee only took office in June after his predecessor was removed for declaring martial law.
“We just overcame a big challenge,” he said. “Today’s deal eliminated uncertainty in the export environment.”
Among the $350 billion fund, $150 billion will be dedicated to shipbuilding cooperation, supporting Korean companies’ entry into the US shipbuilding industry, Lee said. The rest will go to semiconductors, secondary batteries, biologics and energy.
The new tariff of 15%, however, is still higher than the 10% minimum tariff South Korea’s and dozens of other nations’ goods have faced since April.
Even at current levels, Trump’s tariffs have been taking a toll on South Korea’s economy, with gross domestic product for the first quarter of this year unexpectedly contracting by an annual rate of 0.1%, the first negative reading in four years. A 25% tariff would have made the economic pain even more acute.
(Excerpt) Read more at msn.com ...
The Canucks are still out there flopping around with no deal in sight.
30% Tariffs start tomorrow.
Good deal. I love my LG and Samsung products
30% Tariffs start tomorrow.
TDS.
Collaborating on Shipbuilding Central to Trump’s Meeting With South Korean President
Virginia Allen August 25, 2025
https://www.dailysignal.com/2025/08/25/shipbuilding-central-trumps-meeting-south-korean-president/
President Donald Trump met with South Korea’s new president Monday and discussed collaborating on military and commercial shipbuilding in light of Communist China’s dominance in the industry.
The White House summit was President Lee Jae Myung’s first meeting with Trump since he was elected president in June.
“I believe that there is a renaissance taking place not only in the shipbuilding sector but also in the manufacturing industry,” Lee said while seated next to Trump in the Oval Office, adding, “I hope that Korea can be part of that renaissance.”
(Snip)
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