U.S. cuts Korea's tariffs to 15% for $350B investment package

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U.S. cuts Korea's tariffs to 15% for $350B investment package

Published: 31 Jul. 2025, 07:44 Updated: 31 Jul. 2025, 08:48

SARAH CHEA
[email protected]

Audio report: written by reporters, read by AI

President Donald Trump listens during a news conference with India's Prime Minister Narendra Modi in the East Room of the White House, Feb. 13, in Washington. [AP/YONHAP]

The United States has agreed to lower tariffs on Korea from the current 25 percent to 15 percent, under the condition that Korea invests $350 billion in the United States.

Tariffs on auto imports were also slashed to 15 percent, aligning them with the rates applied to Japan and the European Union.

Korea also plans to purchase $100 billion worth of U.S. liquefied natural gas, and will accept American products, including cars and trucks and agricultural products, U.S. President Donald Trump said on social media.

Trump and President Lee Jae Myung will have a bilateral meeting within two weeks at the White House to go over the details of the deal.

BY SARAH CHEA [[email protected]]