The investment fund Trump announced evokes a similar US$550 billion account pledged by Japan in a successful bid to lower its threatened tariffs. Like the Japanese pledge, likened to a sovereign wealth fund, spending from the South Korean account on investments in the US would be directed by Trump himself, the president said.
President Donald Trump said he reached a trade deal with South Korea that would impose a 15% tariff on its exports to the US and see Seoul agree to US$350 billion in US investments.
“We have agreed to a Tariff for South Korea of 15%. America will not be charged a Tariff,” Trump said in a post to his social media platform on Wednesday.
