Washington: U.S. President Donald Trump announced Thursday that the United States has agreed to reduce mutual tariffs with South Korea from 25% to 15%, in exchange for major investments and full market access. He also revealed plans to hold a summit with South Korean President Lee Jae-myung at the White House within two weeks.
According to Yemen News Agency, the announcement came after Trump met with South Korean Finance Minister Koo Yun-cheol and a delegation of negotiators.
Describing the deal as a 'full and comprehensive' trade agreement, President Trump stated that South Korea has committed to $350 billion in U.S.-owned and controlled investments, along with a pledge to fully open its markets to American goods-including cars, trucks, and agricultural products.
The agreement also includes South Korea's purchase of $100 billion worth of liquefied natural gas (LNG) or other U.S. energy products, in addition to significant financial investments.