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U.S. President Donald Trump announced Wednesday that the United States will impose a 15% tariff on imports from South Korea as part of what he described as a "full and complete trade deal" between the two countries.
The agreement includes South Korea's pledge to invest $350 billion in the U.S. and to purchase $100 billion worth of liquefied natural gas (LNG) and other energy products.
Since returning to the White House in January, Trump has implemented a broad 10% tariff on imports from both allies and competitors, aiming to reduce the U.S. trade deficit through protectionist policies.
The tariff rate is lower than the 25% previously floated by Trump and aligns with levels imposed under trade deals with Japan and the European Union. Trump said an additional, unspecified “large sum of money” would be invested by South Korea, with further details expected to be announced during an upcoming bilateral meeting with President Lee Jae Myung at the White House.
South Korea's Finance Minister Koo Yun-cheol credited the deal's success in part to Seoul’s support for reviving the U.S. shipbuilding industry. Speaking at a press conference in Washington, Koo highlighted the "Make American Shipbuilding Great Again" (MASGA) initiative, drawing parallels to Trump’s earlier “Make America Great Again” campaign.
"Our world-class shipbuilding companies, equipped with the highest level of ship design and construction capabilities, are expected to help revive the U.S. shipbuilding industry," he said.
The agreement marks South Korea’s first trade deal under President Lee Jae Myung, who took office in June following the impeachment of his predecessor, Yoon Suk Yeol. In a Facebook statement, Lee described the negotiations as the "first major trade challenge" of his presidency and stressed that the deal eliminates uncertainty around export conditions.
"Through this deal, the government has eliminated uncertainty surrounding export conditions and ensured that U.S. tariffs on our exports are either lower than or equal to those imposed on our major trade competitors," Lee said.
He also framed the agreement as aligning South Korea’s export-driven economy with U.S. efforts to rebuild its manufacturing base.
The upcoming bilateral meeting between Trump and Lee is expected to further detail investment and industrial cooperation frameworks between the two nations.
In Wednesday’s announcement, the U.S. administration also confirmed new tariff rates of 25% on imports from India and 50% on those from Brazil, with additional increases set to take effect on Aug. 1.
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