Trump says US-South Korea trade deal 'pretty much' finalised, official details awaited

United States President Donald Trump on Wednesday (October 29) said that a trade deal between South Korea and US has been almost finalised.

"We did, we did. We did reach a deal," Trump said as he attended a dinner hosted by South Korean President Lee Jae Myung.

"We made our deal, pretty much finalised it," he added, reported news agency Reuters.

However, no details were shared about the US-South Korea trade deal.

Furthermore, news agency AFP reported that the two countries reached a trade deal covering investment and shipbuilding, citing a top aid of the South Korean President.

"South Korea and the United States have reached an agreement on the details of the tariff negotiations," Kim Yong-beom was quoted as saying by AFP after the meeting of Trump and Myung concluded.

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"South Korea's financial investment package for the United States, worth $350 billion, consists of $200 billion in cash investment and $150 billion in shipbuilding cooperation," he added.

The White House website also mentioned of a "Technology Prosperity Deal" with South Korea which was earlier signed with Japan.

The website stated that both the sides signed a Memorandum of Understanding (MoU) between the two countries, which would "enable collaboration towards joint opportunities of mutual interest in strategic science and technology disciplines."

The trade deal between US and South Korea have been stalled for a long time now with both the nations rushing towards signing an initial deal in July that limited the US tariffs on the imports of Korean goods at 15%.

However, the US tariffs on imports of Korean cars remain at 25% as the discussions are reportedly underway, as per Bloomberg.

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