Created
: 2025.07.31
- English
- English
- What's Myforex
- Share
- Use tools
- Get information
- What's New
- Help center
- About us
- Customer support
- Terms and policies
-
-
PortfolioShare your portfolio and performance in real time -
Events & contestsEvents and contests held by retail brokers around the world
-
-
Real-time spread comparisonCompare spreads of major retail brokers in real time -
Volatility analysisVisualize volatility as a measure of daily market activity -
Swap point comparisonCompare buy and sell swap values for each broker by symbol -
Market rates & chartsCheck prices for all instruments offered by each broker -
IndicatorsProviding in-house developed indicators for MT4/MT5 -
Trading calculatorsCalculation tools for each broker to help you trade
-
-
World FX newsLatest news on forex and cryptocurrencies from around the world -
Broker informationTrading information of retail brokers worldwide -
MetaTrader4/5 user guideUser guide collection for the latest MetaTrader4/5 -
Economic calendarRelease calendar for indicators from official sources of major economies
US President Donald Trump announces a trade deal with South Korea - Reuters
World FX news
Breaking news
US President Donald Trump announces a trade deal with South Korea - Reuters
New
2025.07.31 08:17
2025.07.31 08:17
2025.07.31 08:17
US President Donald Trump announced a new trade deal with South Korea, stating that the United States (US) would charge a 15% tariff on imports from South Korea, Reuters reported on Wednesday. The agreement includes a $350 billion commitment from South Korea toward US-owned and controlled investments.
Key quotes
The United States and South Korea have reached a full and complete trade deal.
South Korea will provide $350 billion for U.S.-owned and controlled investments, selected by the U.S. President.
South Korea will purchase $100 billion in LNG or other energy products from the U.S.
An additional investment amount from South Korea will be announced in two weeks during a White House bilateral meeting with President Lee Jae Myung.
South Korea will be fully open to trade with the U.S., including sectors like automobiles, agriculture, and trucks.
A 15% tariff will apply to South Korean goods entering the U.S., but American goods will face no tariffs in South Korea.
Tariffs FAQs
Tariffs are customs duties levied on certain merchandise imports or a category of products. Tariffs are designed to help local producers and manufacturers be more competitive in the market by providing a price advantage over similar goods that can be imported. Tariffs are widely used as tools of protectionism, along with trade barriers and import quotas.
Although tariffs and taxes both generate government revenue to fund public goods and services, they have several distinctions. Tariffs are prepaid at the port of entry, while taxes are paid at the time of purchase. Taxes are imposed on individual taxpayers and businesses, while tariffs are paid by importers.
There are two schools of thought among economists regarding the usage of tariffs. While some argue that tariffs are necessary to protect domestic industries and address trade imbalances, others see them as a harmful tool that could potentially drive prices higher over the long term and lead to a damaging trade war by encouraging tit-for-tat tariffs.
During the run-up to the presidential election in November 2024, Donald Trump made it clear that he intends to use tariffs to support the US economy and American producers. In 2024, Mexico, China and Canada accounted for 42% of total US imports. In this period, Mexico stood out as the top exporter with $466.6 billion, according to the US Census Bureau. Hence, Trump wants to focus on these three nations when imposing tariffs. He also plans to use the revenue generated through tariffs to lower personal income taxes.
Last updated
: 2025.07.31
Related articles
EUR/CHF slides to multi-month low as Euro struggles amid trade woes
45 minutes agoEUR/GBP rebounds from seven-week low as BoE rate cut speculation rises
2025.08.01 00:36US President Trump: Will talk to Mexico over next 90 days to sign a trade deal
2025.08.01 00:16GBP/USD slips as Fed pushes back on September cut, US data support Dollar
2025.07.31 23:52Euro pressured near multi-week low as strong US inflation data boosts Greenback
2025.07.31 23:08Canadian Dollar under pressure amid weak GDP, Trump tariff threat, and strong US data
2025.07.31 22:01
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
Was this article helpful?
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Thank you for your feedback.
Thank you for your feedback.
Most viewed
EUR/CHF slides to multi-month low as Euro struggles amid trade woes
The Euro (EUR) weakens for the fourth straight day against the Swiss Franc (CHF) on Thursday, pressured by concerns over the recently announced US-EU trade agreement, which investors perceive as one-sided and unfavorable for the European Union (EU).
New
2025.08.01 02:16EUR/GBP rebounds from seven-week low as BoE rate cut speculation rises
The EUR/GBP cross edges higher on Thursday, snapping a three-day losing streak and rebounding from the seven-week low hit on Wednesday.
New
2025.08.01 00:36US President Trump: Will talk to Mexico over next 90 days to sign a trade deal
After speaking to Mexican President Claudia Sheinbaum on the phone on Thursday, United States (US) President Donald Trump said that Mexico will continue to pay a 25% fentanyl tariff, 25% tariff on cars, and 50% tariff on steel, aluminum, and copper.
New
2025.08.01 00:16GBP/USD slips as Fed pushes back on September cut, US data support Dollar
The GBP/USD posted moderate losses during the North American session on Thursday after the Federal Reserve (Fed) held rates on Wednesday and failed to provide forward guidance for the September meeting. This, along with solid US jobs data and an uptick in inflation, boosted the Dollar.
New
2025.07.31 23:52Euro pressured near multi-week low as strong US inflation data boosts Greenback
The Euro (EUR) trades under pressure for the sixth consecutive day against the US Dollar (USD) on Thursday, with EUR/USD struggling to recover as the Greenback holds firm near two-month highs.
New
2025.07.31 23:08Canadian Dollar under pressure amid weak GDP, Trump tariff threat, and strong US data
The Canadian Dollar (CAD) remains on the back foot for a sixth straight day against the US Dollar (USD) on Thursday, sinking to its weakest level since late May.
New
2025.07.31 22:01USD/JPY approaches 150.00 after BoJ downplays October rate hike - Rabobank
For a brief period this morning, market commentators mused that the BoJ could announce the next rate hike of the cycle as soon as October. That conclusion was drawn from what appeared to be a slightly more hawkish then expected outcome to today's BoJ policy meeting.
New
2025.07.31 21:41US: Initial Jobless Claims rose a tad to 218K last week
According to a report from the US Department of Labour (DOL) released on Thursday, the number of US citizens submitting new applications for unemployment insurance increased to 218K for the week ending July 26.
New
2025.07.31 21:38Breaking: US core PCE inflation holds steady at 2.8% in June vs. 2.7% expected
Annual inflation in the United States (US), as measured by the change in the Personal Consumption Expenditures (PCE) Price Index, rose to 2.6% in June from 2.4% in May (revised from 2.3%), the US Bureau of Economic Analysis reported on Thursday.
New
2025.07.31 21:32Gold firms near $3,300 as trade woes resurface ahead of August 1 tariff deadline
Gold (XAU/USD) rebounds sharply on Thursday after falling to a one-month low of $3,268 on Wednesday, pressured by stronger-than-expected US data and the Federal Reserve's (Fed) decision to keep interest rates unchanged.
New
2025.07.31 21:08Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy
