WASHINGTON — The U.S. and South Korea launched particulars of an settlement on Thursday that features a $150-billion Korean funding within the shipbuilding sector authorised by Washington, together with a further $200 billion in Korean funding beneath a Memorandum of Understanding, the White Home mentioned.
The joint assertion follows a gathering in October between South Korean President Lee Jae Myung and U.S. President Donald Trump, the place they agreed to a deal that will lower U.S. import duties on South Korea’s merchandise to fifteen% from an earlier 25%.
“This deal contains $150 billion of Korean funding within the shipbuilding sector authorised by the USA, which is known as the Authorised Investments,” the assertion mentioned.
It added that the USA has given approval for South Korea to construct nuclear-powered assault submarines.
Washington will work intently with Seoul to advance necessities for this shipbuilding challenge, together with avenues to supply gas, the assertion added.
A commerce deal was first introduced on the first Trump-Lee summit in July, beneath which South Korea agreed to speculate tons of of billions of {dollars} in U.S. initiatives in change for decrease tariffs.
