The US and South Korea announced a new trade agreement

The President of the United States, Donald Trump, announced that Washington and Seoul have reached a new trade agreement. He made this statement before dinner with South Korean President Lee Jae-myung in the city of Gyeongju. According to Trump's words, the parties have almost finalized the main part of the agreement. Following his statement, the South Korean won strengthened by 0.54 percent. If there had been no agreement, South Korean automobile and steel producers would have had to pay a 25 percent tariff instead of a 15 percent tariff. This would have put them at a disadvantage compared to Japanese companies that already have a contract with the US. The summit between Trump and Lee began in Malaysia as part of the US President's three-day tour of Asia. According to Reuters, there are certain disagreements between the countries regarding an investment package worth 350 billion dollars. Seoul wants to reduce the share of live resources and increase loans and guarantees. Read “Zamin” on Telegram!