Trump sets 15% tariff for South Korea goods

Trade policy to curtail exports, bringing negative impact on economy: Analysts

The United States has agreed to impose 15 percent tariffs on imports from South Korea under a trade deal announced on Wednesday, easing earlier concerns over a potential 25 percent rate.

Analysts have noted that while the outcome is not a worst-case scenario, it is still economically damaging for both South Korea and the US, and the impact on specific industries will depend on the detailed provisions of the agreement.

US President Donald Trump said in a post on his social media platform Truth Social that South Korea "will give to the United States 350 billion dollars for investments owned and controlled by the US, and selected by myself, as president". He also said South Korea has agreed to purchase $100 billion worth of liquefied natural gas and other energy products.