On July 30, 2025, US President Trump announced a trade agreement with South Korea, under which the US will impose a 15% tariff on South Korean goods, and South Korea has committed to investing US$350 billion in the US and purchasing US$100 billion worth of energy products.
According to CCTV News, on July 31 local time, South Korean President Lee Jae-myung said that the agreement reached between South Korea and the US on tariffs had eliminated uncertainty in South Korea’s export environment. Lee Jae-myung stated that of South Korea’s US$350 billion investment in the US, US$150 billion would be earmarked as special funds for South Korea-US shipbuilding cooperation.
Kim Yong-hwan, director of the policy office of the South Korean presidential office, further explained the South Korea-US tariff agreement, saying that the US tariff on South Korean cars will be reduced to 15%; South Korea will not further open its rice and beef markets to the US.
On July 30th, local time, US President Trump announced that the US and South Korea had reached a “comprehensive and complete” trade agreement. Under the agreement, South Korea will provide US$350 billion to the US for investment projects owned and controlled by the US. In addition, South Korea will purchase US$100 billion worth of liquefied natural gas or other energy products and pledge a significant additional investment for domestic investment purposes. This amount will be announced during South Korean President Lee Jae-myung’s visit to the US for bilateral talks in two weeks.
Trump said the US and South Korea have reached an agreement that the US will impose a 15% tariff on South Korea. Meanwhile, the US will not be subject to tariffs. South Korea will fully open trade with the US, accepting American products including cars, trucks, and agricultural products.