SEOUL, Oct. 31 (UPI) -- South Korean analysts have welcomed the new trade and investment agreement with Washington, announced Wednesday to coincide with U.S. President Donald Trump's visit to the country this week.
Under the deal, South Korea will invest $200 billion in cash and $150 billion in shipbuilding and other industrial cooperation in the United States, with an annual cap of $20 billion.
In return, the United States will cut tariffs on Korean-made products from 25% to 15%, as initially agreed in late July. The compromise was reached after a meeting between Trump and his Korean counterpart, Lee Jae Myung, on the sidelines of the Asia-Pacific Economic Cooperation Summit.
The automotive industry, including Hyundai Motor and Kia, is expected to benefit immediately, as the U.S. market is one of their largest export destinations.
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