📺 Nigeria TV Info – International Trade Update

Effective from August 1, the U.S. will enforce a new wave of tariffs targeting many of its trade partners. These tariffs include broad and sector-specific increases, such as a steep 50% tariff on products made with copper. While South Korea managed to avoid the harshest rates, countries like Brazil and India are now facing substantial new duties.

Former President Donald Trump announced a revised trade agreement between the U.S. and South Korea, which includes a 15% tariff on South Korean goods — significantly lower than the 25% rate previously proposed. The deal also includes South Korea pledging $350 billion in U.S. investments and the purchase of $100 billion worth of liquefied natural gas (LNG) or alternative energy sources.

According to Seoul’s presidential office, the 15% tariff on automobiles, a vital export sector for South Korea, will remain unchanged under the new deal. These developments mark a significant shift in Washington's trade strategy.