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Investing.com -- President Donald Trump announced a broad new trade agreement with South Korea on Wednesday evening, outlining a multibillion-dollar deal spanning energy, infrastructure, and tariff policy. In a statement, Trump said on Truth Social the U.S. had secured “a Full and Complete Trade Deal with the Republic of Korea,” totaling hundreds of billions in investment and purchases.
According to the president, the agreement includes a $350 billion commitment from South Korea toward U.S.-owned and -controlled investments. He further said the funds will be “selected by myself, as President,” suggesting the administration will have direct discretion over the allocation of capital.
South Korea will also purchase $100 billion worth of liquefied natural gas and other U.S. energy products, reflecting a significant increase in cross-Pacific energy trade. Trump stated, “Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products,” under the new agreement.
The White House expects more details about further South Korean investments to be revealed within two weeks during a scheduled bilateral meeting. “This sum will be announced within the next two weeks when the President of South Korea, Lee Jae Myung, comes to the White House for a Bilateral Meeting,” Trump said.
As part of the trade pact, South Korea has agreed to eliminate barriers to American imports, including automotive and agricultural goods. Trump emphasized that “South Korea will be completely OPEN TO TRADE with the United States,” pledging open access for “Cars and Trucks, Agriculture, etc.”
A contentious aspect of the agreement appears to be a new tariff structure, with Seoul accepting a 15% tariff on its exports while the U.S. faces no reciprocal duties. “We have agreed to a Tariff for South Korea of 15%. America will not be charged a Tariff,” Trump said.
The announcement caps off negotiations led by the administration’s trade team, following months of tense economic maneuvering between Washington and Seoul. “I would like to thank the Trade Representatives who came forward today. It was an Honor to meet them,” the president said.
Trump also extended congratulations to South Korea’s newly elected leader. “I would also like to congratulate the new President on his Electoral Success,” he added.