WASHINGTON, DC – President Trump announced a “full and complete” trade deal with South Korea on July 30, which cuts threatened 25% tariffs to 15% in exchange for major investment commitments. South Korea will invest $350 billion in U.S.-owned projects and purchase $100 billion in American energy products. Importantly for agriculture, Seoul agreed to remove duties on U.S. cars, trucks, and agricultural goods. This move offers U.S. farmers access to captive markets amid tight global grain, meat, and ethanol trade.
South Korean officials reportedly declined to further open rice and beef markets, citing strong domestic farm protections. But the tariff relief on other ag goods, including grains and processed products, may allow U.S. exporters to regain momentum. Agriculture groups—including corn, meat, and soy interests—have welcomed the agreement as a boost to investor confidence and export durability.
With South Korea among the top ten U.S. ag markets, this deal helps solidify one more large trade channel ahead of a reciprocal tariff deadline that would have triggered broader tariffs.