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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President of Azerbaijan Ilham Aliyev spoke about the emergence of a new world order at the Munich Security Conference. In response to a question by AnewZ's Orkhan Amashov, he discussed the creation of the Board of Peace, launched in Davos and its upcoming first summit in Washington.
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BMW is recalling a mid six figure number of vehicles worldwide after identifying a potential fire risk linked to the starter motor.
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Europe needs to develop global partnerships with key nations to tackle global problems together, chancellor tells Munich Security Conference
AnewZ's Orkhan Amashov reports from Munich as the three-day Munich Security Conference kicked off on Friday (13 February), bringing together world leaders, diplomats, and policy makers to discuss pressing global security challenges.
Dubai-based global ports operator DP World said on Friday that its long-serving chairman and chief executive, Sultan Ahmed Bin Sulayem, has stepped down following mounting pressure linked to alleged ties to disgraced financier Jeffrey Epstein.
A SpaceX Falcon 9 rocket launched early on Friday, 13 February, from Cape Canaveral, Florida, carrying four astronauts and cosmonauts on an eight-month mission to the International Space Station (ISS). The Crew-12 team includes two Americans, a French astronaut and a Russian cosmonaut.
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