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3mo ago

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

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Delegates from South Korea (R) engage in trade negotiations with their counterparts from the U.S. in this photo provided by the Ministry of Economy and Finance on July 30, 2025. (PHOTO NOT FOR SALE) (Yonhap)
Kim Yong-beom, the presidential chief of staff for policy, announces that South Korea has clinched a trade deal with the United States during a press briefing held at the presidential office in Seoul on July 31, 2025. (Yonhap)
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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.