President Trump announced on Wednesday that the U.S. had reached a “full and complete” trade deal with South Korea, setting tariffs on the country’s exports into U.S. at 15 percent.
That tariff rate is lower than the 25% that Trump had threatened in his “tariff letter” to South Korean officials earlier this month. Tariffs on the country’s auto exports set at 25% will also be cut to 15%.
He said that South Korea had also agreed to buy $100 billion worth of U.S. energy products, including liquefied natural gas (LNG).
Trump also said in his post on social media platform Truth Social 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.”
South Korea will be also be “completely OPEN TO TRADE with the United States” and accept American products, including “Cars and Trucks, Agriculture, etc.,” the president added.
In 2024, South Korea ranked sixth among U.S. agricultural export markets with a total export value of $8.5 billion.
According to USDA, the U.S. exported $2.22 billion of beef and beef products to South Korea in 2024. That same year, South Korea purchased $727.93 million of U.S. pork and pork products, as well as $688.95 million of U.S. corn.
