Korea’s prolonged trade negotiations with the United States took a dramatic turn on Thursday
Just one day before the August 1 deadline, after which US President Donald Trump threatened to impose a 25 percent tariff on all South Korean imports, a new agreement was signed.
Under the agreement between the two countries, the US will impose a reduced 15 percent tariff on all Korean goods – 10 percentage points lower than originally announced.
In return, Korea agreed to invest $350 billion in the US and purchase liquefied natural gas (LNG) and other American energy products worth $100 billion.
Here is the full list of new tariffs announced by the US:
Countries and territoriesTariff, adjustedBrazil50%Canada35%China30%Mexico25%European Union15%Syria41%Laos40%Myanmar (Burma)40%Switzerland39%Iraq35%Serbia35%Algeria30%Bosnia and Herzegovina30%Libya30%South Africa30%
Source: The White House. Rates exclude product-specific tariffs. Brazil: includes additional 40% rate linked to prosecution of Jair Bolsonaro. Canada: effective as of 1 August. China: total rate in place since 14 May. Mexico: excludes higher tariffs on certain goods. EU: tariffs range 0-15% depending on goods.
