GYEONGJU, South Korea, Oct. 29 (UPI) -- South Korea and the United States reached a trade deal during U.S. President Donald Trump's visit, Seoul's top policy official said Wednesday, ironing out the details of a $350 billion South Korean investment pledge that will keep tariffs at 15%.
Kim Yong-beom, presidential chief of staff for policy, announced the deal after Trump and South Korean President Lee Jae Myung met on the sidelines of the Asia-Pacific Economic Cooperation summit in Gyeongju. A final agreement has not yet been signed.
"The $350 billion includes $200 billion in cash investment and $150 billion in shipbuilding and industrial cooperation," Kim told reporters. "The annual investment cap is set at $20 billion, which is within the capacity of our foreign exchange market. The impact on the market will be minimal."
The two sides agreed that South Korea would only invest in projects that had "commercial rationality," Kim added.
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