US President Trump announces trade deal with South Korea, setting tariff at 15%

US President Donald Trump has announced that he has reached a trade agreement with South Korea, which includes a 15 per cent tariff on South Korean exports to the United States. In a statement posted on social media, Trump said that the US had secured a “full and complete trade deal” with the Republic of Korea, amounting to hundreds of billions of dollars in investments and purchases. According to the agreement, South Korea has agreed to invest 350 billion dollars in US projects selected by Trump, as well as purchase 100 billion dollars worth of liquefied natural gas and other energy products. South Korean President Lee Jae Myung said the deal would put his country on an equal or better footing compared with other countries. The announcement comes just a day before an August 1 deadline for countries to reach agreements with the US or be hit with higher tariffs. South Korea had been facing a 25 per cent levy if it had not struck a deal.