South Korea has agreed to invest $350bn in the US in return for lower tariffs on car exports to the world’s largest economy, in a trade deal struck by President Donald Trump and his South Korean counterpart Lee Jae Myung.
Wednesday’s agreement will reduce US auto tariffs on South Korean imports from 25 to 15 per cent, providing relief for the Asian country’s industry, which had been subject to higher duties than its Japanese rivals. Vehicles accounted for about a third of South Korean exports to the US last year, according to UN trade data.
“We reached a deal,” Trump, who is in South Korea for a summit of the Asia-Pacific Economic Cooperation forum, said after a meeting with Lee. “We did a lot of different things. Great session.”
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