Buzzer beat tariff deal: “will give the US $350 billion for investments owned and controlled by the US, and selected by myself”

Earlier this week, President Donald Trump announced a trade agreement with South Korea, just days before his self-imposed August 1 deadline. South Korea, the United States’ sixth-largest trading partner, will now face a 15 percent tariff on goods exported to the US—a reduction from the previously threatened 25 percent rate.

According to the US Trade Representative, key imports from South Korea in 2019 included vehicles, machinery, electrical equipment, mineral fuels, and plastics. For South Korean automakers, the deal offers significant relief. Commerce Secretary Howard Lutnick confirmed that cars from South Korea will be subject to the 15 percent tariff, rather than the 25 percent sectoral rate applied to most other automotive exporters, including those focused on parts manufacturing.

Trump applauds the deal

Announcing the agreement, President Trump posted on Truth Social that the deal would bring $350 billion in investments to the US, “owned and controlled by the United States, and selected by [the president].” South Korea also committed to purchasing $100 billion in US energy products, including liquefied natural gas.

The 15 percent rate is 10 percent lower than the tariff Trump first proposed during an April 2 announcement in the Rose Garden. The deal also aligns South Korea’s automotive tariff rate with those recently negotiated with Japan and the European Union.

South Korean President Lee Jae-myung, who succeeded Yoon Suk Yeol following a snap election triggered by Yoon’s controversial declaration of martial law, welcomed the agreement. Both leaders represent opposing parties—Lee from the center-left and Yoon from the conservative People Power Party. The deal will help the country’s new leaders, as they had inherited a tough economic situation, as their rise to power came just as tariffs began to depress growth in the economy.

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