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3w ago

Trump and Lee Hold Cordial First Summit, Eye Kim Meeting and Shipbuilding Push

The cordial encounter reset the tone yet left key questions on investment implementation and U.S. base terms for later talks.

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U.S. President Donald Trump meets with South Korean President Lee Jae Myung at the Oval Office, at the White House, in Washington, D.C., U.S., August 25, 2025. REUTERS/Brian Snyder
A general view shows HD Hyundai Heavy Industries Ulsan Shipyard in Ulsan, South Korea, December 29, 2023. HD Hyundai Heavy Industries/Handout via REUTERS/File Photo ATTENTION EDITORS - THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. MANDATORY CREDIT./File Photo
US President Donald Trump and North Korean leader Kim Jong Un stand at the demarcation line in the demilitarized zone separating the two Koreas, in Panmunjom, South Korea, on June 30, 2019.

Overview

  • Both leaders signaled a renewed bid to engage Pyongyang, with President Trump saying he would like to meet Kim Jong Un this year and President Lee urging him to act as a peacemaker.
  • The meeting reaffirmed July’s framework capping reciprocal tariffs at 15% in exchange for a South Korean pledge of $350 billion in U.S. investment, including $150 billion for the Make American Shipbuilding Great Again initiative.
  • Trump praised South Korea’s shipbuilding prowess and said his administration is considering contracting ships and encouraging Korean yards to establish operations in the United States.
  • A high-powered Korean business delegation joined events in Washington, highlighting existing U.S. investments by Hyundai, SK hynix and LG while engaging U.S. officials and corporate leaders at a business forum.
  • Pre-summit tensions over Trump’s social post and his concerns about raids in South Korea gave way to a cordial session, but unresolved items include U.S. requests for ownership of base land, future defense cost-sharing and the specifics of investment rollout.