South Korea seals USD350 bil trade and security deal with U.S

AWANI

The United States and South Korea unveiled a sweeping trade and security agreement involving a $350 billion Korean investment package, tariff cuts and U.S. approval for Seoul to develop nuclear-powered submarines.

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00:00The U.S. and South Korea have unveiled a trade and security agreement that includes a $350 billion

00:06Korean investment package into the American economy and a cut in Washington's tariffs on

00:12South Korean exports. The deal was reached after months of negotiations between U.S. President

00:17Donald Trump and Korean President Lee Jae-myung. The agreement will also see South Korea gain

00:23U.S. approval to develop nuclear-powered submarines. In a joint announcement on Friday,

00:28both governments said South Korea would invest 150 billion U.S. dollars into U.S. shipbuilding

00:35sector, with another 200 billion for industrial projects including artificial intelligence and

00:40nuclear energy. In return, the U.S. will reduce tariffs on South Korean products, including autos

00:46from 25 to 15 percent, easing pressure on key exporters such as Samsung and Hyundai. The White

00:53House also confirmed its support for South Korea to build nuclear-powered submarines and said it will

00:58work with Seoul on securing fuel supply options. The deal stems from a framework first announced in

01:03July after South Korea agreed to invest hundreds of billions of dollars in exchange for tariff relief.

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