Factbox: Key Tariff Plans in South Korea, Brazil, and India

()-U.S. President Donald Trump stated that the U.S. would implement a 15% tax on goods coming from South Korea, part of several similar actions unveiled ahead of his August 1 deadline for imposing these charges.

He additionally issued an executive order that levies a 40% tax on Brazilian imports, increasing the nation’s overall tariff rate to 50%, although several significant exceptions apply.

He has additionally warned of implementing a 25% tax on products coming into the country from India beginning August 1.

Following are key developments:

SOUTH KOREA:

President Trump announced that the U.S. would impose a 15% tax on goods coming from South Korea, such as vehicles, as part of a broader trade agreement.

He further stated that South Korea would allow U.S. goods, such as vehicles and agricultural items, into its market without charging any import taxes.

The United States confirmed that South Korean companies would not face an unfair position relative to other nations regarding new taxes on semiconductors and medicines, while maintaining 50% duties on steel and aluminum.

INVESTMENTS:

Trump claimed that South Korea would put $350 billion into U.S.-based projects that are "owned and managed by the United States" and chosen under his leadership.

South Korea stated that $150 billion has been allocated for collaboration in shipbuilding, with the rest of the $200 billion directed toward investments in semiconductors, batteries, biotechnology, and nuclear energy partnerships.

Donald Trump stated that South Korea would buy $100 billion in liquefied natural gas or additional energy supplies, according to the Asian nation, indicating a minor change in energy import sources away from the Middle East over the next four years.

BRAZIL:

Trump imposed a 50% tax on many Brazilian products to counter what he described as a "witch hunt" targeting former President Jair Bolsonaro, though he reduced the impact by leaving areas like aviation, energy, and orange juice out of higher charges.

The updated duties will come into force on August 6 concerning Brazil.

Additional exceptions also cover contributions aimed at alleviating human hardship, including items like food, attire, medical supplies, along with periodicals, movies, music, and artistic creations.

INDIA:

On Wednesday, Trump stated that the United States continues to engage in discussions with India regarding trade, despite previously declaring that the U.S. would implement a 25% tax on products coming from the nation beginning on Friday.

India has refused U.S. requests to liberalize its agricultural and dairy sectors, arguing that these actions could harm countless impoverished farmers. For many years, New Delhi has kept agriculture out of free trade agreements to safeguard local jobs and ways of life.

As per a White House factsheet, India applies an average Most-Favored-Nation tariff of 39% on imported agricultural products, whereas the U.S. has a rate of 5%, with certain tariffs reaching up to 50%.

Washington is advocating for improved market access for agricultural products, ethanol, dairy, alcoholic drinks, automobiles, pharmaceuticals, and medical equipment from India.

(Reported by bureaus. Compiled by Keith Weir. Edited by Ros Russell)