Overview
- South Korea said the U.S. agreed to lower tariffs on Korean goods to 15% as part of a deal structured around a $350 billion investment package, including up to $20 billion a year in cash and $150 billion for U.S. shipbuilding.
- President Trump said he approved U.S. technology sharing to allow South Korea to build a nuclear‑powered submarine, adding it would be constructed at Philadelphia shipyards, though size and cost details were not disclosed.
- The arrangement with Seoul remains subject to formal documents and domestic approvals, with South Korea indicating the National Assembly will need to pass implementing legislation.
- A White House fact sheet listed planned purchases tied to the package, including Korean Air’s order for 103 Boeing aircraft, while Trump also touted large planned Korean purchases of U.S. oil and gas and broader investments.
- Trump and China’s Xi Jinping are meeting in Busan with negotiators teeing up a framework that could pause tariff escalation and include steps on fentanyl, rare earths and targeted purchases, with Trump signaling optimism and a potential TikTok resolution.