Trump strikes massive trade deal with South Korea on tariffs, energy, cars

Trump wrote on Truth Social, "I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea. The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President. Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes."

"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. I would also like to congratulate the new President on his Electoral Success. It is also agreed that South Korea will be completely OPEN TO TRADE with the United States, and that they will accept American product including Cars and Trucks, Agriculture, etc. We have agreed to a Tariff for South Korea of 15%. America will not be charged a Tariff. I would like to thank the Trade Representatives who came forward today. It was an Honor to meet them, and talk about the Great Success of their Country!" Trump added.

The deal with Korea comes just before the August 1 deadline that the White House said earlier this month would not be extended. The Trump administration has also solidified a similar deal with the European Union, where the EU will invest in America as well as purchase American energy. Products from the EU will similarly have a 15 percent tariff when shipped to the US.

Trump had been threatening to impose a 25 percent tariff on South Korean goods coming into the US as part of the "Liberation Day" tariffs announced earlier this year and the agreement comes after months of negotiations between the nations.