Latest news with #SouthKorean-made
&w=3840&q=100)
First Post
an hour ago
- Business
- First Post
Trump announces 'full and complete' trade deal with South Korea, cuts tariffs to 15%
Trump has announced a new trade agreement with South Korea, calling it a 'full and complete' deal that lowers tariffs on imports from the country to 15 per cent. read more US President Donald Trump mimics a weightlifter while he speaks at a dinner he hosts for Republican Senators at Mar-a-Lago in Palm Beach, Florida, US, February 7, 2025. File Image/Reuters US President Donald Trump on Wednesday announced a 'full and complete' trade deal with South Korea, saying the United States will impose a 15 per cent tariff on South Korean imports. This move marks a reduction from the previously threatened 25 per cent rate and comes as part of efforts to ease tensions with one of America's top trading partners and allies in Asia. The announcement followed a meeting between Trump and South Korean officials at the White House and came amid a flurry of trade policy updates ahead of Trump's self-imposed August 1 deadline, when higher tariffs on imports from multiple countries are set to take effect. STORY CONTINUES BELOW THIS AD 'I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea,' Trump said in a post on his Truth Social platform. As part of the deal, Trump said South Korea had agreed to invest $350 billion in the United States through projects selected by him, and to purchase $100 billion worth of liquefied natural gas and other energy products. He emphasised that both elements were central to his trade priorities. Following Trump's remarks, South Korean President Lee Jae Myung said the agreement would give South Korea equal or even better treatment compared to other nations. $350 billion commitment from Seoul He also revealed that the two countries had agreed to set up a $350 billion investment fund, with $150 billion designated for a shipbuilding partnership. However, no details were immediately available on how the investments would be structured, funded, or implemented. Trump mentioned that additional investments from South Korea would be announced later and added that President Lee would visit the White House within the next two weeks. Trump said the deal would also expand US market access in South Korea. He noted that South Korea had agreed to accept American cars, trucks, and agricultural products without imposing import duties. Meanwhile, the US would reduce tariffs on South Korean-made autos from 25 per cent to 15 per cent, according to the South Korean presidential office. They also stated that tariffs on computer chips and pharmaceutical products exported to the US would not be more restrictive than those for other countries, and confirmed that South Korea's rice and beef markets would remain closed to further US entry. STORY CONTINUES BELOW THIS AD South Korean Finance Minister Koo Yun-cheol, Industry Minister Kim Jung-kwan, and Minister for Trade Yeo Han-koo were in Washington for high-level meetings with US officials and are believed to have met Trump shortly before the announcement. Japan also strikes trade deal with Trump Pressure had been building on South Korea since Japan secured a similar tariff cut deal with Trump earlier in the month. As talks reached their final stages, major South Korean companies announced fresh deals with US firms.
Straits Times
6 days ago
- Business
- Straits Times
Poland secures $4 billion US loan guarantee to boost military modernization
Find out what's new on ST website and app. FILE PHOTO: Polish soldiers ride the South Korean-made K2 tank during trial drills prior to annual artillery show 'Autumn Fire 23' at a military range in Bemowo Piskie near Orzysz, Poland, September 16, 2023. REUTERS/Kacper Pempel/File Photo WARSAW - Poland is set to sign a $4 billion U.S. loan guarantee to help fund the modernization of its armed forces, the Polish defense ministry said on Thursday. Amid heightened regional tensions and Russia's ongoing war in Ukraine, Poland is ramping up defense spending and accelerating efforts to modernize its military, aiming to strengthen NATO's eastern flank. Since 2022 the United States has provided Poland with over $11 billion of loans and loan guarantees to finance armament programs, including Patriot air defense systems, the HIMARS rocket system and Apache helicopters. Spurred by Russia's full-scale invasion of Ukraine in 2022, Poland became NATO's top spender in terms of the proportion of its national wealth devoted to defense. Warsaw said it will spend 4.7% of gross domestic product on defense in 2025 with a pledge to increase this to 5% in 2026. REUTERS
&w=3840&q=100)
Business Standard
08-07-2025
- Business
- Business Standard
US close to deal with India, says Trump as he announces new tariff rates
President Donald Trump on Tuesday (IST) said that the US is close to finalising a deal with India as he announced new tariff rates on 14 nations. Responding to a question on tariffs, Trump noted, "We've spoken to everybody. ...it's all done. I told you we'll make some deals, but for the most part, we're going to send a letter. We're going to say, welcome to the United States, if you'd like to participate in the greatest, most successful country ever. I mean, we are doing better than ever... We've never had numbers like this. We've never had an investment like this. We have more than 90... we have much more than 90. But most of those are going to be sent by letter. This is exactly what I said. Now we've made a deal with the United Kingdom. We've made a deal with China. We're close to making a deal with India. Others we met with, and we don't think we're going to be able to make a deal. So we just send them a letter." He made these remarks while speaking to reporters at the White House as he hosted Israel's Prime Minister Benjamin Netanyahu. Earlier on Monday, Trump set 25 per cent tariff rates for Japanese and South Korean-made goods, adding that these would come into effect on August 1. Soon after, Trump also announced new tariff rates for 12 other countries. Trump said that the US has already made a deal with the UK and China, adding that the letters were being sent out to those nations that he believed would not make a deal with the United States. The letters, which were posted on Truth Social, Trump's private social media platform, warned the countries imposed with these tariffs not to retaliate by increasing their import taxes, or else the Trump administration would further increase tariffs. List of countries with new tariff rates: Myanmar: 40 per cent Laos: 40 per cent Cambodia: 36 per cent Thailand: 36 per cent Serbia: 35 per cent Bangladesh: 35 per cent Indonesia: 32 per cent South Africa: 30 per cent Bosnia and Herzegovina: 30 per cent Kazakhstan: 30 per cent Malaysia: 25 per cent Tunisia: 25 per cent
Nikkei Asia
03-07-2025
- Automotive
- Nikkei Asia
South Korea wraps up talks toward potentially biggest-ever defense deal
Polish soldiers ride the South Korean-made K2 Black Panther tank during training in Poland on June 24. © Reuters STEVEN BOROWIEC SEOUL -- South Korea's weapons development authority announced the completion of negotiations for what is said to be the biggest deal in the history of the country's arms industry, marking a step forward for the ascending weapons manufacturer. The Defense Acquisition Program Administration said in a news release on Wednesday that Hyundai Rotem, a privately owned South Korean company, had concluded talks with Poland to supply K2 tanks. The agency did not disclose the size of the contract, but in a research report, Mirae Asset Securities valued it at $6.7 billion for the provision of 261 tanks.
Nikkei Asia
03-07-2025
- Automotive
- Nikkei Asia
South Korea's Hyundai Rotem to sign K2 tank order worth $6.5bn with Poland
Polish soldiers ride the South Korean-made K2 Black Panther tank during training in Poland on June 24. © Reuters SEOUL (Reuters) -- Poland has completed negotiations with South Korea's Hyundai Rotem to receive a second batch of K2 tanks and plans to sign a contract, South Korea's defense procurement agency said on Wednesday. The specific size of the contract will be disclosed later, South Korea's Defense Acquisition Program Administration said in a statement. On Thursday, Hyundai Rotem said in a regulatory filing the Polish arms procurement agency has confirmed the contract was worth $6.5 billion. It said further details of the deal would be announced in a later filing. The Yonhap News Agency has said the deal was to supply 180 tanks. In 2022, Poland and Hyundai Rotem agreed a supply deal for the first batch, or 180 K2 tanks. While the first contract focused on Korean-made vehicles that could be quickly supplied as Poland moved swiftly to boost its military amid Russia's war in neighboring Ukraine, the second batch is expected to grant the South Korean arms maker a more permanent foothold in Europe. DAPA said a production facility in Poland would be established, with a large number of K2 tanks to be assembled locally through cooperation between Hyundai Rotem and Polish defense companies.
