Trump says S. Korea has opened its market, touting trade deal

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U.S. President Donald Trump says his trade deal with South Korea offers quote "tremendous business" especially for American carmakers.

Lee Seung-jae has the latest.

U.S. President Donald Trump on Tuesday touted the recent trade deal made between Washington and Seoul,.. saying that the agreement will significantly boost American automobile exports.

In a CNBC interview,.. Trump said South Korea was a "closed country".. but the trade deal opened the market, referring to it as "tremendous business."

The U.S. leader said the U.S. will be able to sell cars, trucks and SUVs to South Korea.

While South Korea has long imported American cars, the U.S. has repeatedly criticized Korea's automobile safety and environmental regulations, viewing them as non-tariff barriers.

Meanwhile, during the same interview, Trump also said that his administration will raise levies on imported pharmaceuticals to 150 percent in a year.

He added that the tariffs will then be raised to 250 percent later, as he unveiled a plan to announce more sector-specific tariffs "within the next week or so."

And Trump's push to reduce America's trade deficit through tariffs seems to be working according to latest data.

According to the Commerce Department's Bureau of Economic Analysis, the U.S. trade deficit narrowed significantly in June, while the trade gap with China fell to its lowest level in over 21 years.

The overall trade deficit fell by 16 percent in June to 60-point-2 billion U.S. dollars,.. while the goods trade deficit dropped 10-point-8 percent,.. reaching its lowest point since September 2023.

However, beyond the trade figures, the U.S. economy is showing signs of strain, as a key measure of activity in the U.S. service sector stalled in July, with businesses citing rising costs and growing uncertainty due to the influx of new import taxes.

Lee Seung-jae, Arirang News.