(NEXSTAR) - President Donald Trump and South Korean President Lee Jae-myung met face-to-face in the Oval Office on Monday, touting what both leaders are calling a “historic partnership.”

The agreement includes tens of billions of dollars in new funding for U.S. industries, focusing on semiconductors, electric batteries, and critical shipbuilding projects along the American coast.

“We really sort of need each other,” President Trump said, praising South Korea’s role in advanced manufacturing.

“We love what they do. We love their product. We love their ships. We love a lot of the things that they make and they love what we have.”

South Korea’s president believes the partnership will drive innovation across multiple industries.

“We believe that there is a renaissance taking place not onl

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