White House confirms reciprocal tariffs will be effective of Aug. 1

U.S. President Donald Trump has now signed an executive order, setting tariffs for trading partners, including South Korea.

The White House also officially confirmed that South Korea will face a 15% tariff rate, with the deal providing market access to American goods, including autos and rice.

Park Jun-han has more.

U.S. President Donald Trump on Thursday local time signed an executive order for the new reciprocal tariffs that take effect on August 1st.

"But I do know that the trade team has been working around the clock to try to be in correspondence with as many countries as possible. But if they haven't heard from us yet, they will in the form of a letter or an executive order by midnight tonight."

South Korea on Wednesday secured a last-minute deal to lower the reciprocal tariff from 25 percent to 15 percent.

White House press secretary Karoline Leavitt said the agreement allows significant investment for the U.S. and historic market access to American goods.

"And South Korea will pay a 15% tariff rate, including 15% on autos, while providing historic market access to American goods like autos and rice. Korea will purchase $100 billion in American energy by 2028, and the centerpiece of this deal is that South Korea has agreed to invest $350 billion at the president's direction to revitalize American industry."

U.S. Treasury Secretary Scott Bessent, speaking on CNBC, described the agreement between South Korea and the U.S. as a "very good" one.

Bessent said, "South Korea was a special case because they had an election, a new government.

So they were not in the position to fully negotiate."

"They presented a very good offer. President Trump moved the offer up a bit, and we reached a very good agreement."

On the same day, the White House posted a photo of President Trump with the South Korean–U.S. trade delegation to social media, where it called the deal "historic."

Trump also took to social media to say details on South Korea's investments will be formalized during a visit to the White House by President Lee Jae Myung, set to take place in the next two weeks.

Park Jun-han, Arirang News.