"The United States and South Korea have advanced trade talks, addressing details of $350bn that would be invested in the US economy, after negotiations and ceremonies that included the presentation of a gold medal and crown to US President Donald Trump. Both were gifts from the country's president, Lee Jae Myung, who dialled up the flattery while Washington and Seoul worked to nail down financial promises during the last stop of Trump's recent Asia trip."
"list of 3 itemsend of list Although both sides said progress has been made Trump said things were pretty much finalised no agreement has been signed yet. The framework includes gradual investments, cooperation on shipbuilding and the lowering of Trump's tariffs on South Korea's automobile exports, according to Kim Yong-beom, Lee's chief of staff for policy. The White House did not immediately respond to a request for comment."
"Kim said the two countries have agreed to keep reciprocal tariffs at 15 percent, as they have been since August, and further agreed to apply that rate to automobiles and auto parts, South Korea's largest exports to the US. Autos and parts had been facing a 25 percent tariff, putting automakers such as Hyundai and Kia at a disadvantage against Japanese and European competitors, which face tariffs of 15 percent."
Negotiations between the United States and South Korea advanced toward a trade framework addressing roughly $350bn in proposed investment in the US economy and including commitments on gradual investments and shipbuilding cooperation. The framework reportedly contemplates lowering US tariffs on South Korean automobile exports and keeping reciprocal tariffs at 15 percent applied to automobiles and auto parts. No final agreement has been signed despite mutual statements of progress, and the White House did not immediately confirm details. The visit featured lavish gifts and ceremonial flattery, including a gold medal, crown, and a gold-adorned brownie.
Read at www.aljazeera.com
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