Trump announces $450 billion trade deal with South Korea

President Donald Trump announced a new trade agreement with South Korea, saying the country will provide $350 billion in U.S.-controlled investments and purchase $100 billion in American energy products. The deal follows a similarly structured $550 billion agreement with Japan announced last week.

In a statement posted to social media on Wednesday, Trump said the South Korean investments will be “owned and controlled by the United States” and “selected by myself, as President.”

Trump added that South Korea has agreed to open its markets to U.S. goods, including vehicles and agricultural products, and will face a 15% tariff on exports to the U.S., while American products will not be subject to any tariffs.

Trump also said South Korea will make additional investments for its own purposes, with the amount to be announced during a bilateral meeting at the White House in two weeks with newly elected South Korean President Lee Jae-myung.

“I would also like to congratulate the new President on his Electoral Success,” Trump said.

The announcement comes a week after Trump said Japan would invest $550 billion into the United States under a separate deal, with the U.S. receiving 90% of the profits. That agreement included provisions to open Japan’s markets to U.S. exports and impose a 15% reciprocal tariff on Japanese goods.

Both deals follow Trump’s recent threat to impose new tariffs unless they agreed to new terms addressing what he described as unfair trade practices.

Trump described the South Korea deal as a “Full and Complete Trade Deal” and thanked South Korean trade officials, saying it was “an Honor to meet them, and talk about the Great Success of their Country.”

South Korean officials have not yet issued a public statement confirming the terms of the deal.