Trump says South Korea to pay $350 billion for US to lower tariffs
Photo: Donald Trump (Getty Images)
US President Donald Trump said that South Korea will pay hundreds of billions of dollars in exchange for Washington lowering tariffs, according to his post on the social media platform Truth Social.
"South Korea has agreed to pay the USA 350 Billion Dollars for a lowering of the tariff’s charged against them by the United States," Trump stated.
According to Trump, Seoul also agreed to purchase American oil and gas "in vast quantities." At the same time, total investments in the United States by South Korean companies and business groups are expected to exceed $600 billion.
In return, the US president authorized South Korea to build a nuclear-powered submarine.
"Our military alliance is stronger than ever before and, based on that, I have given them approval to build a nuclear powered submarine, rather than the old-fashioned, and far less nimble, diesel-powered submarines that they have now. A great trip, with a great President of South Korea!" Trump wrote.
A short time later, the US president published another post, clarifying that Seoul would construct its nuclear submarine at shipyards in Philadelphia, "right here in the good ol’ USA."
"Shipbuilding in our country will soon be making a big comeback," the American leader added.
Earlier, in late July, President Trump announced that the United States had signed a trade agreement with South Korea, setting a 15% tariff rate for Seoul. He also previously stated that the deal includes $350 billion in South Korean investments in the US, as well as $100 billion worth of purchases of American liquefied natural gas and other energy products.
