Trump reveals 15 percent tariff accord with South Korea - Trump announces deal with South Korea for 15% import tax on certain goods
In a significant development, President Trump has announced a reduction in tariffs on imports from South Korea, marking a positive step forward in the ongoing trade relations between the two nations. The new tariff rate will stand at 15%, a decrease from the previously threatened 25%.
This announcement follows the first meeting between Trump and the newly elected South Korean President, Lee Jae Myung, which took place recently. Lee, who made his statement about the trade agreement on Facebook, expressed his appreciation for the agreement, describing it as a major challenge since taking office.
The tariff agreement with South Korea eliminates uncertainty about export conditions, providing a stable environment for trade between the two countries. This move aligns the tariff rate with that of trade agreements between the USA and its partners such as the EU, Japan, and matches or even falls below the tariffs imposed on South Korea's main trade competitors.
Trump's announcement comes after he imposed 25% tariffs on imports from India and Brazil, a move that sparked a trade conflict with trading partners worldwide in early April. The tariffs on Brazil were imposed as a punitive measure due to the process against the former president Jair Bolsonaro.
In a separate development, Lee Jae-Myung's predecessor, Yoon Suk Yeol, was removed from office due to a temporary martial law declaration in December.
Trump's announcement regarding the tariff reduction for South Korea was made on an online service, reflecting the increasing trend of digital communication in official matters.
However, specific detailed breakdowns of tariff rates or schedules for India and Brazil under the Trump administration are not readily available in the current data.
In a promising sign for South Korea, Trump also stated that the country will invest a "large sum of money," though the exact details of this investment have yet to be announced.
The South Korean government has yet to release the official documentation implementing the new tariff rate reduction. The previous tariff rate of 25% was set to be implemented on August 1, 2025, but was delayed until July 7, 2025. This reduction in tariffs is expected to boost trade between the USA and South Korea, benefiting both economies.
[1] Source: Various trade policy documents and news reports from mid-2025.
- Despite imposing 25% tariffs on imports from India and Brazil earlier this year, triggering global trade conflicts, President Trump's recent announcement of a 15% tariff on imports from South Korea shows a potential shift in his administration's politics towards community aid, aiming for the development of less favored regions by fostering trade relations.
- On the other hand, the South Korean government, while yet to release official documentation, plans to invest a significant amount of money, in line with the general-news report, as per Trump's statement, aiming to foster the development of less favored regions in the context of the advanced trade agreement with the USA.
