Trump announces an agreement with South Korea, who will be applied 15% of surcharge

South Korea concluded an in extremis trade agreement on Wednesday with the. For example, United States which limits customs surcharge to most of its products at 25% instead of 25% that Donald Trump threatened to imposea relative relief for the fourth Asian economy heavily dependent on its exports.

“We have reached an agreement on customs duties of 15% for South Korea. Nevertheless, ” said the American president on his Truth Social network. In addition, He pointed out that Seoul was committed. Therefore, within the framework of this agreement, to invest $ 350 billion (285 billion francs) in the United States, and to buy 100 billion Liquefied natural gas (LNG) and other energy sources in the trump announces agreement south korea, next 3.5 years.

The South Korean president satisfied – Trump announces agreement south korea,

Donald Trump invited Washington in the wake. “within two weeks”, his South Korean counterpart Lee Jae-Myung, of which it will be the first visit to the United States since his arrival in power on June 4.

“Thanks to this agreement. the government has eliminated uncertainty surrounding the export conditions and ensures that American customs duties on our exports are less than or equal to those imposed on our main commercial competitors,” said Lee Jae-Myung on its Facebook page. “This creates an environment in which our companies can compete in equal arms. even on more favorable conditions, with the main global players,” he added.

The automotive sector included

The chief of staff of the South Korean presidency. Kim Yong-Bum, trump announces agreement south korea, said during a press briefing that car exports, a key sector struck since April by an American surcharge of 25%, would benefit from the new reciprocal rate of 15%.

“For semiconductors. pharmaceutical products, which were to be the subject of customs duties in the future, Korea should benefit from treatment at least as favorable as that granted to other countries,” added Kim Yong-Bum without further details.

The American market absorbs half of the South Korean car exports. which represent 27% of the country’s total exports to the United States. On the other hand, “steel, aluminum and copper are not included and remain unchanged,” said US negotiator Howard Lungick. Steel and aluminum have been struck by 50% from surcharge since June.

Seventh agreement

The South Korean president said that. on trump announces agreement south korea, the 350 billion dollars fund included in the agreement to encourage companies in his country to invest in the United States, 150 billion would be intended for naval construction, and the rest in sectors such as semiconductors, batteries, biotechnologies or even energy.

South Korea. the second largest ship builder in the world just behind China, bet in this sector to serve as a currency in its negotiations with the United States, whose shipyards are struggling to meet domestic demand.

This is the seventh agreement concluded by Washington after those with the United Kingdom. Japan, the European Union, the Philippines, Vietnam and Indonesia. The American president sent letters to dozens of trade partners in early July. threatening them with punitive customs rights if they do not conclude an agreement with Washington by August 1, on Friday.

AFP

Did you find an error? Please report it to us.

0 comments