US President Donald Trump and South Korean President Lee Jae-myung finalized the details of a major trade agreement during their summit in South Korea on Wednesday.
According to a Seoul news agency, an initial deal was reached in July under which Seoul agreed to invest $350 billion in the United States. This agreement was made to avoid heavy tariffs on its imports to the US.
However, negotiations over the structure of that investment had stalled, but those details have now been settled.
Under the new agreement, $200 billion will be provided in cash installments. The remaining $150 billion will be invested directly into the shipbuilding sector, a move intended to support President Trump’s plan to revive the American shipbuilding industry.
