Donald Trump and Lee Jae-myung reached a consent about the trade agreement between the two nations. The announcement was made by leaders during the Trump visit to South Korea.
Both parties reduced the tariffs reciprocals of 25% to 15%as agreed at the beginning of this year, said the South Korean presidential spokesman.
A South Korea will also invest 350 billion dollars – (300 billion euros) – nos USAincluding 200 billion (172 billion euros) in direct investments e 150 billion (129 billion euros) in shipbuildingadded the President of South Korea.
Both sides sought to play down expectations of a breakthrough ahead of Wednesday’s negotiations, which disappointed many in the sectors. electronics, semiconductors and automotive of South Korea, who were awaiting some clarity amid tariff uncertainty.
The President of the United States had imposed a 25% tariffon South Korean products at the beginning of the year – a tariff that Lee Jae-myung managed to reduce it to 15%after Seoul announced investments of 350 billion dollars (300 billion euros) in the USA and the purchase of 100 billion dollars (86 billion euros) in liquefied natural gas.
Historically, both countries have been strategic alliesbut the tensions increased following the detention of hundreds of South Korean citizens in an immigration raid in the United States last month.
Trump is expected to meet with his Chinese counterpart, Xi Jinpingalready Thursdayon the margins of Asia-Pacific Economic Cooperation (APEC) Summitwhich takes place in Gyeongju.
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