On August 25 (local time), U.S. President Donald Trump announced that the United States and South Korea would implement the trade agreement they had reached in principle last month as it is.
After concluding a summit with President Lee Jaemyung at the White House, President Trump responded to a question at the proclamation signing ceremony about whether the trade negotiations with South Korea had been finalized by saying, "Yes. I believe we have finished the negotiations." He added, "They (South Korea) had some issues regarding the agreement, but we stood our ground," and continued, "They will honor the agreement they had agreed to conclude."
Previously, on July 30, South Korea agreed with the United States to lower the mutual tariff rate on South Korean goods from the existing 25% to 15%, in exchange for a pledge to invest 35 billion dollars in the United States and purchase 10 billion dollars worth of American energy products.
President Trump also emphasized regarding President Lee, "He (President Lee) is a very good guy and a very good representative of South Korea. This is a very big trade deal. It is the largest agreement South Korea has ever concluded."
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