Driving the news: President Trump has announced a trade deal with South Korea that sets 15% tariffs on Korean imports, matching the structure of agreements with Japan and the EU.
For context: The deal includes $100 billion in U.S. energy purchases from South Korea, and a $350 billion investment fund, though details remain unclear.
South Korea is a major U.S. trading partner, accounting for over $131 billion in imports last year.
Why it matters: The agreement provides clarity and (some) relief for automakers and other industries previously facing 25% import tariffs, while securing massive investment commitments from Seoul.
What we're watching: With the August 1 tariff deadline looming, focus now shifts to deals with Canada and Mexico—America's biggest trading partners who still lack agreements.
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