South Korea, U.S. conclude tariff deal

South Korea and the U.S. finally reached an agreement on the details of a USD 350 billion investment pledge during their bilateral summit held on the sidelines of the APEC meeting.

South Korea will invest USD 200 billion in cash with an annual cap of USD 20 billion, while the U.S. will lower import tariffs on automobiles and auto parts from 25% to 15%. The leaders of South Korea and the U.S. met for the second time since August. President Donald Trump attended a banquet hosted by President Lee Jae Myung and spoke of the outcome of tariff negotiations they held.