US and South Korea reach a trade deal before the August 1 deadline: 15 percent tariff and 350 billion dollars of investment

US President Donald Trump announced that Washington and Seoul reached a trade deal ahead of the August 1 tariff deadline. Under the deal, South Korean goods enter the US at a 15 percent tariff, while Seoul pledged to invest 350 billion dollars in the US and buy 100 billion dollars of liquefied natural gas (LNG) and other products.

Trump stressed that the August 1 deadline will not be extended and has set tariff rates for a number of countries (including 25 percent for India, 35 percent for Bangladesh and 50 percent for Brazil). Similar deals had earlier been reached with Japan, the European Union (a 15 percent tariff), Indonesia and the United Kingdom. These moves reshape the global trade tariff regime, affecting the flow of goods and market risk sentiment.