South Korea, Pakistan Strike U.S. Trade Deals Before Aug. 1 Deadline

TaiwanPlus News

South Korea and Pakistan are the latest countries to agree trade deals with the United States as the August 1 deadline for the imposition of tariffs looms.

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00:00South Korea announces a new trade deal with the United States that includes a 15 percent

00:07tariff on most Korean goods we have reduced the tariff on our main export item automobiles to 15

00:14percent for semiconductor and pharmaceutical sectors which were scheduled to have tariffs

00:18imposed in the future we will also receive treatment that is not much worse compared to

00:23other countries US president Donald Trump in his own statement boasting the pact puts zero

00:29tariffs on US goods and commits South Korea to invest 350 billion US dollars in projects

00:36he says he will personally direct and another 100 billion for American natural gas purchases

00:42Trump also announcing a deal with Pakistan which will see joint development of its oil reserves

00:48the fresh accords with South Korea and Pakistan expand a patchwork of US tariff rules some nations

00:54have negotiated terms while others have been hit with penalty tariffs the rest of the world

00:59including Taiwan left scrambling to strike a deal before the August 1st deadline

01:04Trump has used the tariffs not only to achieve trade goals but other political aims as well

01:09a 25 percent tariff and a forthcoming additional penalty was announced against India for buying

01:15Russian oil amid the war in Ukraine and for its membership in the block of countries known as BRICS

01:21well we're negotiating right now and it's also BRICS you know they have BRICS which is basically a group of

01:27countries that are anti the United States and India's a member of that if you can believe it

01:32it's an attack on the dollar and we're not going to let anybody attack the dollar so it's partially BRICS

01:37and it's partially uh it's partially the trade this trade situation India for its part vowing to protect

01:44their national interests Trump has also placed a 50 percent tariff on Brazil Latin America's largest

01:50economy the reason the prosecution of the country's former president and Trump ally Jair Bolsonaro for

01:57an alleged coup attempt but Brazil's current president remains defiant

02:19some from the two countries facing punishment say the high tariffs may mean they need to look beyond

02:25the U.S. market if the exports to America decline then we have to look at South America I think we

02:33are already a prime minister already visited one or two countries in South America when Trump launches

02:40a rotating tariff machine gun indiscriminately and without good reason this creates great insecurity

02:46for all companies and sectors that have commercial relations with the U.S. so they are forced to seek

02:50new markets to diversify meanwhile negotiations with the U.S.'s largest trading partners Canada and China

02:58are ongoing with Ottawa saying a deal can still be reached past the deadline look these are complex

03:04they're comprehensive they're constructive negotiations uh with the Americans are ongoing uh it's possible

03:11that they may not conclude by the first of August um but we'll see Trump's tariffs continue to redraw

03:19the map of global trade and the next chapter may start as soon as Friday Scott Wong and Chris Gorin for taiwanplus

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