US, South Korea Finalize Deal on Investment, Lower Tariffs
South Korea's President Lee Jae Myung receives US President Donald Trump for a special dinner hosted in Gyeongju on Oct. 29
Photographer: Andrew Caballero-Reynolds/AFP/Getty Images
US President Donald Trump and South Korean President Lee Jae Myung finalized a trade deal Wednesday, capping months of negotiation over implementation of a framework agreement struck in July.
The deal will see Seoul make $150 billion in shipbuilding investments, with an additional $200 billion earmarked for an investment pledge designed to look like a similar agreement with Japan, South Korea Policy Chief Kim Yong-beom said Wednesday. That suggests South Korea can use not only equity but loans and loan guarantees to fund the investment package, a key concession.