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.
The World Urban Forum (WUF13) continues in Baku, Azerbaijan on 18 May, addressing the global housing crisis. The day’s agenda includes the of...
U.S. President Donald Trump said on Monday he had paused a planned attack on Iran after appeals from the leaders of Qatar, Saudi Arabia and the Uni...
At least four people have been killed in protests across Kenya over sharp fuel price rises, as a nationwide transport strike brought parts of the c...
Pakistan has deployed around 8,000 troops, fighter jets and air defence systems to Saudi Arabia under a mutual defence agreement, according to secu...
Global leaders gathered in Baku this week for the 13th session of the World Urban Forum, where heads of state and senior officials warned that rapi...
Pakistan has deployed around 8,000 troops, fighter jets and air defence systems to Saudi Arabia under a mutual defence agreement, according to security officials and government sources familiar with the arrangement.
Global leaders gathered in Baku this week for the 13th session of the World Urban Forum, where heads of state and senior officials warned that rapid urban growth is placing increasing pressure on housing, infrastructure and climate resilience.
The thirteenth session of the World Urban Forum (WUF13) has opened in Baku, bringing together governments, international organisations, city leaders and civil society to address mounting global urban challenges.
Kazakhstan, Uzbekistan and Tajikistan are negotiating summer water allocations as rising temperatures, agricultural demand and pressure on shared rivers intensify water security concerns across Central Asia.
Bulgaria has won the Eurovision Song Contest for the first time, taking victory in a final overshadowed by a boycott over Israel’s participation and the war in Gaza.
The World Urban Forum (WUF13) continues in Baku, Azerbaijan on 18 May, addressing the global housing crisis. The day’s agenda includes the official opening press conference, the WUF13 Urban Expo opening and a ministerial dialogue on the Nairobi Declaration to advance Africa's urban agenda.
U.S. President Donald Trump said on Monday he had paused a planned attack on Iran after appeals from the leaders of Qatar, Saudi Arabia and the United Arab Emirates, allowing negotiations to continue over a possible deal to end the conflict.
U.S. President Donald Trump says China's Xi Jinping agreed Iran must reopen the Strait of Hormuz, as Tehran prepares a new shipping mechanism. Tensions over the U.S. blockade and stalled nuclear talks continue to disrupt global oil supplies.
A 5.2 magnitude earthquake struck China’s Guangxi region early on Monday, killing two people and forcing more than 7,000 residents in Liuzhou to evacuate as rescue efforts continued.
At least four people have been killed in protests across Kenya over sharp fuel price rises, as a nationwide transport strike brought parts of the country to a standstill.
Gunmen killed at least 10 people, including women and children, in an attack on a rural community in Nigeria’s northwestern Katsina State, residents said.
Russian President Vladimir Putin’s upcoming visit to China is expected to focus on strengthening bilateral ties, particularly through expanded trade and economic cooperation.
Israeli military strikes across Gaza killed at least eight Palestinians on Sunday, according to local health officials, as the Israel Defense Forces intensified operations targeting Hamas commanders and infrastructure across the enclave.
The World Urban Forum (WUF13) continues in Baku, Azerbaijan on 18 May, addressing the global housing crisis. The day’s agenda includes the official opening press conference, the WUF13 Urban Expo opening and a ministerial dialogue on the Nairobi Declaration to advance Africa's urban agenda.
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