The U.S. will impose a 15% tariff on imports from South Korea under a new trade deal that also includes a $350bn (about £264bn) South Korean investment in the U.S., President Donald Trump has announced.
The agreement was reached one day before a 1 August deadline for countries to avoid higher tariffs. South Korea had faced a 25% levy if no deal was struck.
The 15% rate will apply to cars and semiconductors, two of Seoul’s largest exports to the U.S., while steel and aluminium will continue to be taxed at 50% under a global tariff President Trump introduced earlier this year.
South Korean President Lee Jae Myung welcomed the deal, saying it put his country on “an equal or better footing” with key competitors such as Japan, which secured the same tariff rate earlier this week.
As part of the pact, Seoul will invest $350bn in the U.S., including $150bn to support shipbuilding, a sector where South Korea is the world’s second-largest producer after China. Much of the remaining investment comprises funds pledged under the Biden administration for car, semiconductor and battery production.
South Korea retained restrictions on U.S. rice and beef imports, avoiding concessions that had angered domestic farmers.
The agreement does not affect the military alliance with Washington, but further negotiations on defence costs are expected when President Lee visits The White House in two weeks’ time.
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During President Ilham Aliyev’s visit to Washington, officials from Azerbaijan and the United States discussed expanding economic collaboration and boosting strategic innovation partnerships.
Belarusian President Alexander Lukashenko stated in an interview published on Friday that he has no intention of seeking another term in office and dismissed claims that he is preparing his son to take over leadership.
Drone attacks continue to haunt communities around Kyiv. Overnight, Russian forces launched another wave of drones at the Kyiv region, hitting the Bucha district. Fires broke out and several homes were damaged. Local authorities say three women, aged 16, 56, and 80, were injured.
The residents of Pingtou, a small village in China's southern Guangdong province, are grappling with the worst floods in living memory. While the region is accustomed to typhoons and seasonal downpours, this week’s flooding has shocked even the oldest villagers.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
A resumption of Iraq’s Kurdish oil exports is not expected in the near term, sources familiar with the matter said on Friday, despite an announcement by Iraq’s federal government a day earlier stating that shipments would resume immediately.
Chinese automaker Chery has denied an industry-ministry audit that disqualified more than $53 million in state incentives for thousands of its electric and hybrid vehicles, insisting it followed official guidance and committed no fraud.
Belarusian President Alexander Lukashenko stated in an interview published on Friday that he has no intention of seeking another term in office and dismissed claims that he is preparing his son to take over leadership.
China’s President Xi Jinping told Russian leader Vladimir Putin that Beijing will continue promoting peace talks on Ukraine, regardless of how the situation unfolds.
Drone attacks continue to haunt communities around Kyiv. Overnight, Russian forces launched another wave of drones at the Kyiv region, hitting the Bucha district. Fires broke out and several homes were damaged. Local authorities say three women, aged 16, 56, and 80, were injured.
Polish Prime Minister Donald Tusk said on Friday that a pause in the conflict in Ukraine may be approaching, following a conversation with Ukrainian President Volodymyr Zelenskyy.
Canadian Prime Minister Mark Carney is working urgently to mend strained ties with Mexico, after relations collapsed late last year when Canadian officials indicated a preference for pursuing a U.S. trade deal without Mexico.
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