The Excerpt US to set 15% tariff on South Korean imports under new deal
Jul 31, 2025
A new U.S.-South Korean trade deal introduces a 15% tariff on imports, stirring discussions on economic impacts. Meanwhile, Brown University navigates funding disputes with the federal government. Kamala Harris announces she won't run for California governor, shaking up political landscapes. Gen Z faces a tough job market, with unemployment rates twice the national average, prompting many to turn to gig work and entrepreneurial ventures to find independence and creativity.
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U.S.-South Korea Tariff Deal
- The U.S. set a 15% tariff on South Korean imports, reduced from a threatened 25%, following a new deal before August 1st.
- South Korea agreed to invest $350 billion in the U.S. and purchase $100 billion in energy products under the deal.
U.S. Tariffs on Indian Imports
- The U.S. will impose a 25% tariff on Indian goods starting August 1, after trade talks failed.
- This contrasts the South Korea deal and reflects ongoing U.S. trade pressures on various countries.
Brown University's Funding Deal
- Brown University struck a historic agreement with the Trump administration to restore federal funding worth over $500 million.
- Unlike other universities, Brown agreed to a $50 million investment in workforce development grants without paying fines.