US President Donald Trump said on Wednesday that a trade deal had been reached with South Korea’s President Lee Jae Myung. 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. 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. (AFP)