President Donald Trump announced July 30 on his social media platform, Truth Social, that the U.S. and South Korea agreed to a trade deal.
“The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President,” Trump wrote.
South Korea also agreed to purchase $100 billion of energy products, and invest a “large sum of money for their investment purposes,” Trump said. “It is also agreed that South Korea will be completely OPEN TO TRADE with the United States, and that they will accept American product including Cars and Trucks, Agriculture, etc,” he continued.
The two countries agreed to a tariff rate on South Korea of 15%, lower than the previously threatened 25%.
