US President Donald Trump announced on Wednesday that US has reached a trade deal with South Korea . “We did, we did. We did reach a deal,” Trump said when asked whether an agreement had been made, ahead of a dinner hosted by South Korean President Lee Jae Myung.

“We made our deal, pretty much finalised it,” he added later, without offering further details.

Without the agreement, South Korean car and steel manufacturers would face US tariffs of 25% instead of the 15% set in July, placing them at a disadvantage compared to Japanese competitors, who pay 15% under Tokyo’s trade deal with the United States.

The Trump-Lee summit took place during the US president’s three-nation tour of Asia, which began in Malaysia with a meeting of the Association of Southeast Asian Nations.

South Kore

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