This is a new commercial agreement concluded in limbs between Washington and Seoul. “We have reached an agreement on customs duties of 15% for South Korea,” the US president of his Truth social network announced on Wednesday, July 30 on Wednesday, July 30. Either the same level of taxes as that the European Union and the United States agreed on Sunday.
In exchange for these lower customs tasks than those that Donald Trump threatened to impose since August 1, South Korea has committed, within the framework of this agreement, investing $ 350 billion in the United States and buying 100 billion liquefied natural gas (LNG) and other energy sources in the next 3.5 years.
Donald Trump invited Washington to Wake, “in two weeks,” his South Korean counterpart Lee Jae Myung, which will be the first visit to the United States since he came to power on June 4.
“This creates an environment in which our companies can compete in equal weapons, even in more favorable conditions, with the main players of the world,” he added.
The car included
The head of personnel of the Presidency of South Korea, Kim Yong-Bum, said during a press conference that automobile exports, a key sector hit since April by an American surcharge of 25%, would benefit from the new reciprocal rate of 15%.
The US market absorbs half of South Korean cars exports, which represent 27% of the country’s total exports to the United States.
No changes for steel, aluminum and copper
On the other hand, “steel, aluminum and copper are not included and remain unchanged,” said American negotiator Howard Lungick. Steel and aluminum have been reached by 50% since the surcharge since June.
The president of South Korea said that, at the bottom of 350 billion dollars, included in the agreement to encourage companies in their country to invest in the United States, 150 billion are destined for naval construction and the rest in sectors such as semiconductors, batteries, biotechnologies or even energy.
South Korea, the second largest ship builder in the world just behind China, opted in this sector to serve as currency in its negotiations with the United States, whose shipyards are struggling to meet domestic demand.
This is the seventh agreement concluded by Washington after those with the United Kingdom, Japan, the European Union, the Philippines, Vietnam and Indonesia.
The US president sent letters to dozens of commercial partners at the beginning of July, threatening them with punitive customs rights if they do not conclude an agreement with Washington before August 1, on Friday.
In 2024, the United States commercial deficit with South Korea was $ 66 billion, according to figures from the United States Department of the Treasury.
Source: BFM TV
