The United States and South Korea finalized the terms of a major trade agreement on Oct. 29 as President Donald Trump headed toward the final hours of his Asian tour on the Korean Peninsula.
On Wednesday, South Korea finalized a bilateral trade agreement originally announced by Trump in July. The new deal will set American tariffs on Korean goods at 15 percent, and Seoul will invest $350 billion in the United States.
The latest announcement came after Trump’s meeting with South Korean President Lee Jae Myung in South Korea’s southeastern city of Gyeongju, following nearly three months of intense negotiations.
Kim Yong-beom, presidential chief of staff for policy, told reporters during a press briefing on Oct. 29 that the $350 billion pledge includes $150 billion for shipbuilding investments. The annual investment cap will be set at $20 billion, he added….