Trump says US will impose 15% tariff on South Korean imports
"South Korea will give to the United States US$350 billion for investments," Trump said in a post on his Truth Social platform, adding that the country would buy US$100 billion in liquefied natural gas or other energy products.
"It is also agreed that South Korea will be completely open to trade with the United States, and that they will accept American product including cars and trucks, agriculture, etc," Trump added.
The 15 per cent rate is below a 25 per cent rate that Trump had threatened earlier.
It was not immediately clear how the investment deals would be structured or over what time frame. Trump said additional investments would be announced later.
South Korean President Lee Jae Myung will visit the White House "within the next two weeks" for a meeting with Trump, the US president added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
an hour ago
- CNA
US to Require Bonds of Up to $15,000 for Some Tourist Visas Under Pilot Programme
WASHINGTON: The United States could require tourist and business visa applicants to pay bonds of up to US$15,000 under a pilot programme launching in two weeks, as part of efforts to deter overstays, according to a government notice released on Monday (Aug 4). Under the one-year initiative, US consular officers will have discretion to impose the bonds on travellers from countries with high rates of visa overstays or where screening and vetting information is considered insufficient. The scheme, set to begin on Aug 20, is part of President Donald Trump's broader crackdown on illegal immigration, which has included ramped-up border enforcement and tighter entry restrictions. Trump's administration issued a travel ban in June affecting citizens from 19 nations, and his immigration agenda has led to a decline in inbound tourism. According to industry data, transatlantic airfares fell to pre-pandemic levels in May, and travel from Canada and Mexico to the US dropped 20 per cent year-on-year. Consular officers will choose from three bond amounts, US$5,000, US$10,000 or US$15,000, though they are generally expected to require at least US$10,000. The funds will be returned if travellers leave the country in line with their visa terms. The pilot mirrors a similar initiative launched in November 2020 during Trump's first term, which was not fully implemented due to the collapse in global travel caused by COVID-19. It remains unclear how many travellers will be affected. However, many countries named in Trump's current travel ban, including Chad, Eritrea, Haiti, Myanmar and Yemen, have among the highest overstay rates. Several African nations, such as Burundi, Djibouti and Togo, were also identified for excessive visa overstays in US Customs and Border Protection data for fiscal year 2023.
CNA
2 hours ago
- CNA
Firefly Aerospace lifts IPO price range, targets $6 billion valuation amid space investment boom
Northrop Grumman-backed Firefly Aerospace raised the proposed price range for its U.S. initial public offering on Monday and is now targeting a valuation of up to $6.04 billion in its U.S. listing, underscoring investor interest in space-related ventures. The Texas-based space startup aims to raise $696.6 million by selling 16.2 million shares priced between $41 and $43 each. This compares with its prior proposed range of $35 to $39 per share. Executives appear to be regaining their appetite for IPOs, buoyed by strong market debuts from tech-focused companies like design software firm Figma and stablecoin-issuer Circle. Despite concerns over a potential labor market slowdown, resilient consumer spending and lower-than-expected tariffs have pushed equity markets to record highs. At the top end of its revised range, Firefly's valuation would represent a significant jump from its Series D funding round in November, which valued it at more than $2 billion. U.S. President Donald Trump has renewed federal focus on space capabilities, which have largely been outsourced to private-sector firms. Major defense initiatives - including the $175 billion Golden Dome space-based defense program - have further spurred private investment into the sector. Additionally, the recent tensions between Trump and SpaceX CEO Elon Musk have prompted a significant shift in the administration's relationship with Musk's company, which is a leading launch provider for the U.S. military and NASA. Firefly is scheduled to price the deal on Wednesday and is expected to begin trading on the Nasdaq under the ticker symbol "FLY" the following day.
International Business Times
4 hours ago
- International Business Times
Trump Says He 'Loves Sydney Sweeney' and Responds to Her 'Great Jeans' Ad After Learning She Is a Registered Republican
President Trump on Sunday praised Sydney Sweeney after learning she's a registered Republican — a revelation that surfaced amid ongoing backlash from the woke crowd over her American Eagle jeans advertisement. Trump, 79, expressed delight when informed by a reporter that the 27-year-old "Euphoria" star holds conservative views like his own. He went on to say that he now considers her much-debated new denim ad campaign "fantastic." "Oh, now I love her ad," he told a group of reporters while preparing to board Air Force One in Allentown, Pennsylvania. "You'd be surprised at how many people are Republicans. That's one I wouldn't have known, but I'm glad you told me that." Trump Impressed with Sweeney Trump, 79, expressed delight when informed by a reporter that the 27-year-old 'Euphoria' star holds conservative views like his own. X "If Sydney Sweeney is a registered Republican, I think her ad is fantastic," Trump added. The "White Lotus" actress has been registered as a Republican in Monroe County, Florida since June 2024, according to public voter records. The revelation about the blonde, blue-eyed star's conservative affiliation came on Saturday, amid intense criticism from left-leaning voices who have likened the fashion brand's provocative ad to "Nazi propaganda," accusing it of promoting racism and eugenics. Sydney Sweeney seen in teh American eagle ad X The campaign's slogan reads: "Sydney Sweeney has great jeans." In one promotional video, Sweeney discusses how genes are passed down from parents to offspring, "often determining traits like hair color, personality and even eye color," before declaring, "My jeans are blue." In another witty ad, she walks up to a billboard displaying her photo alongside the phrase, "Sydney Sweeney has great genes," and playfully edits it by crossing out "genes" and writing in "jeans" instead. Sweeney Gaining More Support The campaign sparked a social media frenzy this week, igniting debates about Western beauty ideals and race, which led American Eagle to stand by both its marketing strategy and "Anyone But You" actress Sweeney. Sydney Sweeney in teh enw American Eagle ad YouTube Several members of the Trump camp also took aim at the backlash. Steven Cheung, Trump's communications director, slammed the bizarre backlash on Tuesday, calling it "cancel culture gone wild." Vice President JD Vance also slammed Democrats, accusing them of overreacting to "a pretty girl" promoting jeans to American youth. American Eagle's latest denim campaign featuring Sydney Sweeney. Instagram/American Eagle "My political advice to the Democrats is: Continue to tell everybody who thinks Sydney Sweeney is attractive that they're a Nazi," Vance said on Friday's episode of the "Ruthless" podcast. "That appears to be their actual strategy. So you have a pretty girl doing a jeans ad and they can't help but freak out. It reveals a lot more about them than it does us." Sweeney is yet to respond to the public reaction.
