Trump slaps South Korea with 15% tariff

PRESIDENT Donald Trump said this week the US will impose a 15% tariff on imports from South Korea, as he touted a “full and complete trade deal” between the two countries.

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“South Korea will give to the US $350 billion (R6.3 trillion) for Investments,’ Trump said in a post on his Truth Social platform, adding that the country would buy $100bn in liquefied natural gas or other energy products.

The 15% rate is below a 25% tariff that Trump had threatened earlier, and was equivalent to deals with Japan and the EU.

Trump added that an additional unspecified “large sum of money” will be invested by Seoul.

“This sum will be announced within the next two weeks when the President of South Korea, Lee Jae Myung, comes to the White House for a Bilateral Meeting” Trump said, offering congratulations to his South Korean counterpart for his “electoral success.”

South Korea's finance minister Koo Yun-cheol said Seoul’s commitment to help the US revive its shipbuilding industry was instrumental in reaching the deal.