The US and South Korea have reached a broad trade deal, both countries stated following talks between their leaders. South Korea’s Presidential aide, Kim Yong-beom, said the two sides will keep reciprocal tariffs at 15 per cent, as was agreed earlier this year, but that the taxes on car and car parts would be lowered.

 

 

Mr Kim South Korea will also invest 350 billion dollar in the US, including 200 billion dollar in cash investment and 150 billion dollar in shipbuilding.US President Donald Trump, who is currently on a week-long trip in Asia, said the deal was pretty much finalised at a dinner following the discussions, which lasted almost two hours.

 

 

A trade deal had been announced in late July, but talks over the structure of those investments have been deadlocked. The US President ill next meet his Chinese counterpart Xi Jinping tomorrow on the sidelines of a summit of the Asia-Pacific Economic Cooperation which is taking place in South Korean city of Gyeongju.

 

 

China’s Foreign Ministry has confirmed the meeting will take place in the city of Busan,a short flight away from Gyeongju. High on agenda for the leaders of the US and China will be rare earths and tariffs, with a chance of a relationship reset.