Trump Announces New Trade Deal with South Korea

The United States and South Korea have struck a new trade deal, reducing U.S. tariffs on imports from South Korea to 15%. In return, South Korea will invest $350 billion in U.S. projects. Negotiations highlighted trade tensions, but ultimately bring mutual benefits, especially in energy and technology sectors.

In a significant trade policy shift, President Donald Trump announced on Wednesday that the United States will lower tariffs on South Korean imports to 15%, down from a previously threatened 25%. The announcement marks a culmination of strategic negotiations with one of America's top-10 trading allies.

As part of the agreement, South Korea has committed to investing $350 billion in various U.S. projects, including a $150 billion shipbuilding partnership and $200 billion focused on chips, nuclear power, and biotechnology. Additionally, South Korea will make additional purchases of American energy products.

The trade pact, seen as a win for both nations, arrives amid a tense global trade atmosphere. South Korean President Lee Jae Myung underscored the deal's importance in reducing uncertainty, maintaining parity with global competitors such as Japan and the EU.

(With inputs from agencies.)