(GYEONGIU, South Korea) – South Korea announced on Wednesday that it has reached an agreement on details of the trade deal with the U.S., following a bilateral meeting between President Donald Trump and President Lee Jae Myung, as well as months of negotiations.

President Lee’s chief of staff said the tariffs the U.S. imposes on automobile exports will be lowered to 15% from 25%. The framework deal from July lowered the reciprocal rate to 15% and that will be maintained.

Back in July, South Korea pledged to invest $350 billion into the U.S. Lee’s chief of staff said a $200 billion investment will be made in installments of up to $20 billion cash payments each year. Another $150 billion will be invested in the U.S. shipbuilding industry.

This now puts the auto tariffs South Korea will pa

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