Gyeongju: South Korea and the United States reached a wide-ranging trade agreement on Wednesday, including tariffs on automobiles.
According to Yemen News Agency, US President Donald Trump, shortly after emerging from a summit with his South Korean counterpart Lee Jae-myung in Gyeongju, the host city for this year's Asia-Pacific Economic Cooperation (APEC) forum meetings in the southeastern part of the country, stated that he and his South Korean counterpart had reached a "semi-final" trade agreement.
Trump said: "We discussed some other things having to do with national security, et cetera, and I think we reached an agreement on a lot of very important items," reiterating his commitment to resolving security tensions on the Korean Peninsula.
For his part, Senior Advisor to the South Korean President, Kim Young-pyo, reported that the agreement signed by Presidents Lee and Trump stipulates reducing mutual automobile tariffs to 15 percent, in addition to a plan for South Korean investments worth $350 billion in the United States, including $200 billion in cash and $150 billion for cooperation in the shipbuilding sector.
It is worth noting that this visit is the first by the US President to South Korea during his second term, as part of a two-day state visit. The US President arrived in the South Korean city of Busan today.