💨 Abstract

Donald Trump announced a new trade agreement with South Korea, imposing a 15% tariff on South Korean goods. This is a reduction from a previous 25% tariff, which had been temporarily suspended. The deal mandates $350 billion in South Korean investments in the U.S., chosen by Trump. The tariffs have already affected South Korea's economy, with a 0.1% GDP contraction in the first quarter.

Courtesy: WTOP Staff