U.S. President Donald Trump announced on Wednesday that Washington and Seoul have reached a new trade agreement, aimed at reducing uncertainty for South Korea’s export-driven economy.
Speaking before a dinner hosted by South Korean President Lee Jae Myung, Trump confirmed the breakthrough:
“We did it, we did it. We reached an agreement,” said Trump when asked about the negotiations.
He later added that the deal was “almost finalized,” without revealing specific details.
The agreement comes after months of negotiations designed to prevent steep tariffs that could have harmed South Korean industries. Without the deal, South Korean automobile and steel manufacturers would have faced U.S. import tariffs of 25%, instead of the 15% previously agreed upon in July, putting them at a disadvantage compared to Japanese competitors, who benefit from a similar 15% rate under Tokyo’s trade accord with Washington.
The Trump-Lee summit took place as part of Trump’s three-nation tour of Asia, which began in Malaysia during a meeting with the Association of Southeast Asian Nations (ASEAN).
Analysts say the agreement strengthens U.S.-South Korea economic ties, while also signaling Washington’s commitment to maintaining stable trade relations in East Asia amid growing global market volatility.
