Trump secures deal for 15% tariff on South Korean imports
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 investme...
The World Economic Forum (WEF) in Davos, Switzerland, concluded on January 23.
In his closing speech, WEF President Børge Brende addressed political and business leaders, emphasizing the importance of working together to solve global challenges.
“This week, we all realized that we gathered in Davos during a time of immense uncertainty and significant change. The political, geopolitical, and macroeconomic landscapes are shifting rapidly. At such a moment, time is running out to address critical priorities. Driving economic growth, reducing carbon emissions, and ending conflicts can no longer wait. Progress on these issues can only be achieved through cooperation,” Brende said.
He also noted that approaches to cooperation must adapt to a new and more uncertain era: “We need to be innovative and creative and work together, even if we hold differing views. Our week in Davos proved that this is possible. Leaders from around the world, from both the public and private sectors, came together to demonstrate how collaboration can be achieved.”
During the five-day forum, key topics such as the war in Ukraine, the Middle East crisis, the impacts of artificial intelligence, and climate change were extensively discussed.
Another significant theme on the agenda was the influence of the early days of U.S. President Donald Trump’s administration.
This year’s Davos Forum will be remembered as a vital platform where global leaders once again highlighted the necessity of collaboration and explored solutions to pressing global issues.
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U.S. Commerce Secretary Howard Lutnick confirmed that South Korea’s reciprocal and auto tariff rate will be set at 15%, averting a steeper 25% levy ahead of the 1 August deadline.
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