Trump Says South Korea has Agreed to Invest $350 Billion in US for Lower Tariffs
By JULIA MANCHESTER
President Trump said Wednesday that South Korea would pay the U.S. $350 billion in exchange for lower tariffs as a part of the recently announced trade deal between the two countries.
In a Truth Social post detailing the deal, the president also said South Korea has agreed to purchase U.S. oil and gas in “vast quantities.” Trump said South Korea agreed to investments in the U.S. by South Korean businesspeople and companies that will exceed $600 billion.
The president referred to the military alliance between the two countries as “stronger than ever before,” and because of that he said he has given South Korea his approval to build a nuclear-powered submarine.
“South Korea will be building its Nuclear Powered Submarine in the Philadelphia Shipyards, right here in the good ol’ U.S.A. Shipbuilding in our Country will soon be making a BIG COMEBACK,” he posted on Truth Social.
Trump announced earlier Wednesday that he and South Korean President Lee Jae Myung reached a trade deal during his trip to Asia.
The $350 billion investment from the South Koreans is a win for the U.S. The price tag had been a sticking point between the two countries, with South Korean leaders pushing instead for loans and loan guarantees.
That agreement came as Trump prepares to meet face-to-face with Chinese President Xi Jinping in South Korea on Thursday. A U.S. trade deal with China poses more of a challenge.
Earlier this month, Trump announced he would slap a 100 percent tariff on Chinese goods by Nov. 1 after China unveiled new export controls on rare earth minerals.
Treasury Secretary Scott Bessent said Sunday that the U.S. and China have reached a framework for a deal to tentatively stave off 100 percent American tariffs on Chinese goods after negotiators settled on a plan for a possible trade agreement.
