The U.S. and South Korea have reached a trade deal that will reduce tariffs on the Asian nation from 25 percent to 15 percent, both countries announced on 29 October.
U.S. President Donald Trump initially threatened the 25 percent tariff in July, with a start date of 1 August. Since that time, all goods from the country – including seafood – have been subject to the duty.
Those tariffs are being reduced as South Korea and the U.S. have signed a memorandum of understanding (MoU) regarding technology to “enable collaboration toward joint opportunities of mutual interest in strategic science and technology disciplines.” Alongside the MoU, the U.S. announced that South Korea and Japan have signed a technology prosperity deals with the U.S. “to affirm the commitment of the two nations to science and technology collaboration.”
“The Trump administration is redefining American technological leadership by driving bilateral collaborative partnerships with allies like Japan and Korea. Each Technology Prosperity Deal offers great opportunities to accelerate scientific discovery and lead the world into a new era of innovation driven by the US and our partners,” White House Office of Science and Technology Policy Director Michael Kratsios said in a release.
South Korea also said it will invest USD 350 billion (EUR 300 billion) in the U.S., including a USD 200 billion (EUR 171 billion) cash investment and USD 150 million (EUR 129 billion) in shipbuilding, BBC news reported. The White House, in a release, said Hyundai and Cerberus Capital Management will partner on a USD 5 billion (EUR 4.3 billion) investment to modernize U.S. shipyards.
South Korea is a major supplier of Patagonian toothfish to the U.S. and sent 1,900 metric tons (MT) of the species worth USD 57 million (EUR 49 million) in 2024, according to NOAA Fisheries trade data. It’s also a source of farmed oysters and sends significant volumes of tuna and other fish species. All told, the country exported USD 253 million (EUR 217 million) worth of edible seafood to the U.S. in 2024.
So far in 2025, South Korea has sent USD 156 million (EUR 134 million) worth of edible seafood to the U.S., including USD 41 million (EUR 35 million) worth of Patagonian toothfish.
Data on exports after the 1 August tariff implementation are, as of yet, unavailable from NOAA Fisheries.
