President Donald Trump said a deal with South Korea was “pretty much finalized” without providing additional details on Wednesday (October 29).
“We did. We reached a deal and we did a lot of different things. We had a great session,” Trump told reporters prior to a dinner hosted by South Korean President Lee Jae Myung via NBC News before appearing to hedge his statement with, “We made our deal pretty much finalized.”
A South Korean official told NBC News that the terms of a trade agreement with the U.S. included a $350 billion investment package that Trump had sought. South Korea would reportedly invest $200 billion in the U.S., capped at $20 billion annually, and join in a shipbuilding partnership estimated to be worth $150 billion, according to Kim Yong Beom, the country’s senior secretary for policy.
Mutual tariffs between the two countries will reportedly stay at 15%, while South Korea’s cars and auto parts will be cut to 15%, according to the secretary. Japan had previously pledged $550 billion in U.S. investment and will face a 15% tariff on exports, having previously been hit with a 50% tariff on steel by Trump in the past.
“We’re signing one trade deal after another to balance our relationships on the basis of reciprocity,” Trump said at the APEC CEOs luncheon, citing agreements with Malaysia, Cambodia and Japan during his visit to Asia, via NBC News.
“I think it’ll be a good deal for for both,” he added. “That’s better than fighting and going through all sorts of problems.”
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