Video: What's in the U.S.-South Korea Trade Deal?
Plus the same rate for cars. Autos from the likes of Hyundai face a 15% tariff—similar to the levies on Japanese and EU vehicles—and down from a proposed 25%, according to a senior Seoul official.
Duty-free treatment for the U.S. President Trump said U.S. exports to South Korea 'will not be charged a tariff.'
A $350 billion U.S. investment commitment. South Korea has pledged some $200 billion of funding for chips, nuclear power, batteries and biotech, and $150 billion for shipbuilding, the Seoul official said. Trump said investments would be 'owned and controlled' by the U.S.
Status quo for rice and beef. Seoul won't open its market further to U.S. rice or beef—moves that would have sparked significant backlash inside South Korea.
Safeguards for semiconductors and pharma. Trump has threatened extra tariffs on these industries, but South Korea has received 'most-favored nation' treatment, the official said. This means South Korea won't face higher tariffs than other countries on those products.
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