Gyeongju [South Korea], October 29 (ANI): South Korea has reached an agreement on the details of a trade deal with the US on Wednesday, presidential chief of staff for policy Kim Yong-beom told reporters in Gyeongju, following the bilateral meeting between President Lee Jae Myung and US President Donald Trump, CNN reported.
The agreement on the big frame of the trade deal in July had brought the reciprocal tariff down to 15 per cent, but South Korea’s automobile export was still subject to 25 per cent tariff rate and details on the agreement were not concluded until Trump met with Lee on the sideline of APEC.
Among the USD 350 billion investments Trump demanded upfront, Kim said that USD 200 billion will be done in cash and USD 150 billion through shipbuilding cooperation, which will be led by South Korean companies, CNN reported.
The USD 200 billion investment will be done over many years, with yearly investment limited to USD 20 billion depending on the business progress, Kim said.
He added that such limit would make it manageable for South Korean foreign-exchange market, which was the biggest concern for Seoul when asked to originally pay USD 350 billion in cash.
Wednesday’s agreement will lower automobile tariffs to 15 per cent, same rate as competitor Japan, and semiconductor tariff rate that is not unfavorable compared to rival Taiwan, Kim said.
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At the 2025 APEC CEO Summit South Korea, Trump said, “Together we’re solving the challenges that no one before has ever been able to solve… From San Francisco to Seoul… we’re strengthening old friendships, forging new bonds… and creating a dramatically better world for our children and generations to come.”
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Trump was honored by South Korea with a gold crown and the Grand Order of Mugunghwa–the nation’s highest civilian award and the first time it has been given to an American president. (ANI)