Overview

• Under the full and complete trade deal, US tariffs on South Korean imports will be set at 15 percent instead of the 25 percent rate threatened to take effect on August 1.
• Seoul will establish a US-directed US$350 billion investment fund, including US$150 billion earmarked for shipbuilding partnerships.
• The agreement requires South Korea to purchase US$100 billion of US liquefied natural gas and other energy products.
• American cars, trucks, agricultural goods, semiconductors and pharmaceuticals will gain full duty-free access or face no higher tariffs than those applied to other trading partners.
• President Lee Jae-myung is expected to meet President Trump at the White House within two weeks to finalize the agreement’s implementation details.