SEOUL, Nov. 14 (UPI) -- The United States and South Korea on Friday released a joint fact sheet on a sweeping trade and security agreement that details a $350 billion investment pledge by Seoul and confirms Washington's approval for its Asian ally to develop nuclear-powered submarines.
The document comes two weeks after U.S. President Donald Trump and South Korean President Lee Jae Myung finalized their trade negotiations on the sidelines of the Asia-Pacific Economic Cooperation forum in Gyeongju on Oct. 29.
"With this, the Korea-U.S. trade and security negotiations, which have been one of the greatest variables affecting our economy and security, have finally been concluded," Lee said in a televised press briefing and Facebook post on Friday.
Lee expressed "gratitude and respect" for Trump's decision and said both sides "achieved the best possible outcome, based on common sense and reason."
Under the terms of the deal, Trump's so-called "reciprocal" tariffs on South Korean goods, including automobiles, will drop from 25% to 15%, returning to the level initially established in July during Lee's visit to the White House.
