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U.S. and South Korea Finalize 15% Tariff Deal Tied to $350 Billion Investment

Seoul’s commitment covers $100 billion in LNG purchases plus open access for American goods ahead of President Lee’s upcoming White House summit

Overview

  • The deal averts a 25% tariff set for Aug. 1, setting import duties on Korean goods at 15% instead.
  • Commerce Secretary Howard Lutnick said 90% of profits from South Korea’s $350 billion investment fund will benefit American stakeholders.
  • Seoul has waived import duties on U.S. cars, trucks, agricultural goods and other products under a pledge of full market access.
  • President Trump declared the self-imposed Aug. 1 deadline for new tariffs will not be extended.
  • The EU-U.S. framework will reestablish duty-free spirits trade, with customs duties on wines remaining under active negotiation.