Overview
- Seoul confirmed deal details: $200 billion in cash paid over 10 years with a $20 billion annual cap, plus $150 billion in shipbuilding cooperation.
- Reciprocal tariff rates were set at 15 percent, with auto tariffs aligned to the same level, matching terms previously outlined in July.
- China’s Foreign Ministry confirmed Trump will meet Xi in Busan on Thursday, with discussions expected to focus on a preliminary trade framework.
- Trump said he anticipates lowering fentanyl-related tariffs if China curbs exports of precursor chemicals, while ruling out a meeting with Kim Jong Un on this trip.
- North Korea reported a sea-to-surface strategic cruise missile test in the Yellow Sea, as South Korea’s leader pressed for nuclear-powered submarine fuel access and pledged higher defense spending.