With his Aug. 1 deadline rapidly approaching, President Trump announced another trade deal on Wednesday. In a post on Truth Social, the president said the US has "agreed to a Full and Complete Trade Deal" with South Korea. The agreement will impose a 15% tariff, instead of the 25% Trump threatened earlier this month, the AP reports. South Korea will also buy $100 billion in energy resources from the US and provide $350 billion for "investments owned and controlled by the United States, and selected by myself, as President," Trump said.
After Trump's announcement, South Korean President Lee Jae Myung said the deal was as good as, or better than, deals reached with the US by other countries, reports Reuters. He confirmed that a $350 billion investment fund would be set up and said $150 billion of it would involve a shipbuilding partnership.
- Trump on Wednesday also signed separate orders to tax imports of copper at 50% and justify his 50% tariffs on Brazil due to their criminal prosecution of former President Jair Bolsonaro and treatment of US social media companies.
- Trump also signed an order saying the government now has the systems in place to close the tariff loophole on "de minimis" shipments, which had enabled goods priced under $800 to enter America duty-free, largely from China.
- Earlier Wednesday, Trump announced a 25% tariff on imports from India, plus an unspecified penalty for buying energy from Russia. He later said a deal had been made with India's archrival, "whereby Pakistan and the United States will work together on developing their massive Oil Reserves," Trump said in a Truth Social post. "We are in the process of choosing the Oil Company that will lead this Partnership. Who knows, maybe they'll be selling Oil to India some day!"
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