The U.S. tariff on South Korean imports will be 15%, Trump said after meeting its ministers on Wednesday, down from a threatened 25%, but the U.S. gave scarce details, apart from social media posts by him and Commerce Secretary Howard Lutnick.
“What we felt during this negotiation is that the U.S. trade environment is fundamentally changing. This is completely different from the first Trump term,“ Yeo said of the deal easing tension with a top-10 trading partner and key Asian ally.
The White House, which issued factsheets on trade deals with Japan and the European Union a day after striking them, has not yet released a separate one on the pact with South Korea.
Lutnick said 90% of profits from the investments would go to the American people, while White House Press Secretary Karoline Leavitt said they would go to the U.S. government to help repay debt.
Finance Minister Koo Yun-cheol, also one of the negotiation team, said detailed plans for the $350-billion investment would need be established.
Wednesday's deal did not tackle most non-tariff barriers discussed during working-level talks, as well as security and foreign exchange aspects. - Reuters
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