The US and South Korea have reached a new trade agreement that will see South Korea invest hundreds of millions of dollars in the US. The announcement came after a nearly two-hour meeting between President Trump and South Korean President Lee Jae Myung, with Trump describing the deal as "pretty much finalized." Details remain somewhat scarce, but both sides confirmed that reciprocal tariffs will stay at 15%, a rate previously negotiated down from the 25% imposed by the US earlier this year. An aide for Lee said taxes on cars and vehicle parts would also be reduced, per the BBC.
South Korea has also agreed to invest $350 billion in the US, including $150 billion earmarked for shipbuilding, the aide said. The country will invest another $200 billion in cash, with a limit of $20 billion a year, per NBC News. The White House had previously increased its demands during negotiations, pushing for larger investments from Seoul.
Trump appears happy with how his Asia trip is going. "We're signing one trade deal after another to balance our relationships on the basis of reciprocity," he said Wednesday at the APEC CEOs Luncheon, mentioning agreements with Malaysia, Cambodia, and Japan, though some of those "merely reaffirm handshake trade deals that were announced earlier this year," per NBC News. Trump is scheduled to meet Chinese President Xi Jinping next, on Thursday, with trade expected to be a central topic.
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