President Trump on Wednesday announced a trade deal with South Korea. The agreement includes a 15% tariff rate on imports from the country, while the US will not be charged a tariff, according to Trump's post on Truth Social.
"South Korea will be completely OPEN TO TRADE with the United States," the president wrote, adding "they will accept American product including Cars and Trucks, Agriculture, etc."
Trump said that the deal also features a $350 billion investment from South Korea in the US as well as purchases of liquified natural gas and other energy products.
Earlier Wednesday, the president made other moves on tariffs, including threatening a 25% tariff on goods from India and slapping massive 50% tariffs on goods from Brazil.
Trump also suggested that beginning Aug. 1, India could pay an additional penalty because of its ties with Russia.
“India has been a good friend, but India has charged basically more tariffs than almost any other country," Trump said.
Trump signed several orders Wednesday too:
One order imposes 50% tariffs on copper imports. Following a Section 232 investigation, the Trump administration is imposing a 50% tariff on semi-finished copper products and copper-intensive derivative products on Aug. 1, but has excluded copper scrap and copper input materials.
Another order ends the so-called de minimis exemption, thereby applying tariffs to low-value imports that have evaded duties. That measure takes effect Aug. 29 and applies to goods that are valued at or under $800 that had qualified for that tax-free treatment, according to a White House fact sheet.
The final order imposes the 50% tariffs on imports from Brazil, which Trump had threatened earlier this month. The order says former President Jair Bolsonaro, currently standing trial for his alleged participation in a coup attempt, has been a victim of "political persecution." The order appears to include exemptions for key US imports, including orange juice and aircraft parts.
Trump reiterated he would not extend Friday's deadline for new tariff levels to kick in. The president confirmed this week that 15% represents the new tariff "floor" for countries, whose rates he has been dictating to leaders in letters in the absence of trade deals.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.