US President Donald Trump and South Korean President Lee Jae Myung have finalised details of their trade deal at a summit in South Korea yesterday. President Donald Trump said that Seoul has agreed to invest 350 billion dollars in the United States, marking a partial breakthrough in trade negotiations after months of discussions. He wrote on Truth Social after meeting Mr. Lee on the sidelines of the Asia-Pacific Economic Cooperation Summit in Gyeongju, South Korea. 

 

 

The US President said that, additionally, South Korea has agreed to buy US Oil and Gas in vast quantities, and investments into the US by wealthy South Korean companies and businessmen will exceed 600 billion dollars. He said that the South Korea-US Military Alliance is stronger than ever before and, based on that, he has given approval to Seoul to build a nuclear-powered submarine. In exchange, the US will lower the tariffs on South Korean goods to 15 percent, Lee’s aides said. While most South Korean goods already face a 15 percent tariff, South Korean automobiles have been hit with a 25 percent duty, a higher rate than the country’s main automaking competitors, Japan and the European Union.