Gyeongju: South Korea and the United States have nearly completed a memorandum of understanding and a joint fact sheet on their recently finalized tariff negotiations, a senior presidential official confirmed.
According to Yonhap News Agency, on Wednesday, the two countries concluded an agreement detailing Seoul's US$350 billion pledge made in exchange for lower U.S. tariffs. This agreement was finalized during a summit between South Korean President Lee Jae Myung and U.S. President Donald Trump in Gyeongju.
Kim Yong-beom, the presidential chief of staff for policy, revealed in a briefing that South Korean and U.S. authorities are close to completing a memorandum of understanding on tariff negotiations and a 'joint fact sheet' covering aspects of the negotiations, investment, and trade. Discussions are ongoing to include security issues in the joint fact sheet.
Kim further explained that the $350 billion investment pledge will be divided into $200 billion in cash installments and $150 billion for cooperation in the shipbuilding industry, with an annual cap set at $20 billion.