US, South Korea release details of deal including Korean investment in shipbuilding

WASHINGTON: The U.S. and South Korea released details of an agreement on Thursday that includes a $150-billion Korean investment in the shipbuilding sector approved by Washington, along with an additional $200 billion in Korean investment under a Memorandum of Understanding, the White House said.

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Trump and Lee agreed to reduce US import duties on South Korean goods from 25% to 15%.
The deal includes US$150B Korean investment in US-approved shipbuilding projects.
Washington authorised South Korea to build nuclear-powered attack submarines under the agreement.

The joint statement follows a meeting in October between South Korean President Lee Jae Myung and U.S. President Donald Trump, where they agreed to a deal that would cut U.S. import duties on South Korea's products to 15% from an earlier 25%.

"This deal includes $150 billion of Korean investment in the shipbuilding sector approved by the United States, which is referred to as the Approved Investments," the statement said.

It added that the United States has given approval for South Korea to build nuclear-powered attack submarines.

Washington will work closely with Seoul to advance requirements for this shipbuilding project, including avenues to source fuel, the statement added.

A trade deal was first announced at the first Trump-Lee summit in July, under which South Korea agreed to invest hundreds of billions of dollars in U.S. projects in exchange for lower tariffs.