&imwidth=800&imheight=600&format=webp&quality=medium "'We reached a deal': Trump on trade deal with South Korea")
On Wednesday (Oct 29), Donald Trump embarked on the last leg of his Asia Trip. The US president has been optimistic about settling tariff deal with South Korean President Lee Jae Myung. "We did. We reached a deal. We did a lot of different things. Great session," Trump told journalists when asked if a deal had been reached.
And a little later, he said the deal was"pretty much finalised". Reached or pretty much there is something only time will tell. Earlier in July, Trump had agreed on cutting tariffs on South Korean imports to 15% but it came with a catch which was in exchange for a $350 billion investment pledge.
Also read: Seven "brand new, beautiful planes" were shot down: Trump rakes up India-Pak conflict once again
But steep auto tariffs remained in place, and the two governments were divided over the structure of the investment pledge. Speaking to reporters, top Seoul presidential aide Kim Yong-beom confirmed a broad deal had been struck.
Seoul and Washington had "reached an agreement on the details of the tariff negotiations", Kim confirmed. He said the two sides had agreed to maintain reciprocal tariffs at 15 percent following the preliminary agreement made in July.
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The two sides also agreed to "cutting tariffs on automobiles and auto parts to 15 percent", down from 25 percent, said Kim, the president's policy chief. "South Korea's financial investment package for the United States, worth $350 billion, consists of $200 billion in cash investment and $150 billion in shipbuilding cooperation," Kim added.
(With agency inputs)
