S Korea proclaims reducing of some tariffs as a part of new US commerce deal

[ad_1] Koh Ewe, Singapore and

Kathryn Armstrong, London

<img sizes="(min-width: 1280px) 50vw, (min-width: 1008px) 66vw, 96vw" srcset="https://ichef.bbci.co.uk/news/240/cpsprodpb/4b66/live/6a9521c0-b4a4-11f0-885f-31ec668fe78e.jpg.webp 240w,https://ichef.bbci.co.uk/news/320/cpsprodpb/4b66/live/6a9521c0-b4a4-11f0-885f-31ec668fe78e.jpg.webp 320w,https://ichef.bbci.co.uk/news/480/cpsprodpb/4b66/live/6a9521c0-b4a4-11f0-885f-31ec668fe78e.jpg.webp 480w,https://ichef.bbci.co.uk/news/640/cpsprodpb/4b66/live/6a9521c0-b4a4-11f0-885f-31ec668fe78e.jpg.webp 640w,https://ichef.bbci.co.uk/news/800/cpsprodpb/4b66/live/6a9521c0-b4a4-11f0-885f-31ec668fe78e.jpg.webp 800w,https://ichef.bbci.co.uk/news/1024/cpsprodpb/4b66/live/6a9521c0-b4a4-11f0-885f-31ec668fe78e.jpg.webp 1024w,https://ichef.bbci.co.uk/news/1536/cpsprodpb/4b66/live/6a9521c0-b4a4-11f0-885f-31ec668fe78e.jpg.webp 1536w" src="https://ichef.bbci.co.uk/news/480/cpsprodpb/4b66/live/6a9521c0-b4a4-11f0-885f-31ec668fe78e.jpg.webp" loading="eager" alt="Getty Images U.S. President Donald Trump smiles as he stands next to South Korean President Lee Jae Myung" class="sc-5340b511-0 hLdNfA"/> Getty Pictures The assembly comes as each nations are nonetheless making an attempt to achieve a commerce deal

The US and South Korea have reached a broad commerce deal, each nations have mentioned following talks between their leaders.

South Korea's presidential aide, Kim Yong-beom, mentioned the 2 sides will preserve reciprocal tariffs at 15%, as was agreed earlier this 12 months, however that the taxes on automobile and automobile components can be lowered.

South Korea will even make investments $350bn within the US, together with $200bn in money funding and $150bn in shipbuilding, Kim mentioned.

US President Donald Trump, who's at the moment on a week-long journey in Asia, mentioned the deal was "just about finalised" at a dinner following the discussions, which lasted virtually two hours. He didn't give additional particulars.

"We had an incredible assembly right this moment with South Korea", Trump mentioned, including that "loads was decided".

"We mentioned another issues to do with nationwide safety et cetera. And I believe we got here to a conclusion on lots of essential gadgets."

A commerce deal had been introduced in late July below which South Korea would keep away from the worst of the tariffs by pumping $350bn (£264bn) of recent investments into America. However talks over the construction of these investments have been deadlocked.

Each nations have traditionally been key allies - however tensions spiked after a whole bunch of South Koreans have been detained in an immigration raid within the US final month.

Trump will subsequent meet his Chinese language counterpart Xi Jinping in on Thursday on the sidelines of a summit of the Asia-Pacific Financial Cooperation (Apec) which is going down in Gyeongju.

China's overseas ministry has confirmed the assembly, which can happen within the metropolis of Busan on Thursday, a brief flight away from Gyeongju.

The US president mentioned on Wednesday that he was "wanting ahead" to the assembly.

"We have been speaking loads over the past month and I believe we will have one thing that is gonna be very, very passable to China and to us."

This would be the two leaders' first nose to nose assembly since Trump assumed workplace in 2025 and imposed tariffs on each nation on the earth.

Addressing a gaggle of CEOs in Gyeongju on Wednesday, Trump mentioned that he believes the US is "going to have a deal" with China and it will likely be "an excellent deal for each".

He additionally praised the Apec nations for making the worldwide buying and selling system, which he mentioned had been "damaged" and "in pressing want of reform", fairer.

"Financial safety is nationwide safety," Trump says. "That is for South Korea, that is for any nation."

Golden crowns and grand orders

Forward of Wednesday's talks with President Lee, Trump had been greeted by an honour guard and items that included a golden crown.

"I would prefer to put on it proper now," Trump had mentioned of the crown.

He additionally acquired the Grand Order of Mugunghwa, South Korea's highest ornament.

He is the primary US president to obtain the award, which was given "in recognition of his contribution to peace on the Korean Peninsula", the South Korean presidential workplace mentioned.

Each leaders took half in a working lunch - which was adopted by a personal assembly within the afternoon, although no concrete deal appears to have come of it.

Each side had earlier performed down the prospect of a breakthrough in talks - a truth that may disappoint many in South Korea's electronics, chip and auto industries, which had been hoping for some readability amidst the tariff chaos.

Trump had slapped a tariff charge on Seoul of 25% earlier this 12 months - which Lee managed to barter down to fifteen%, after Seoul mentioned it could make investments $350bn within the US and purchase $100bn value of liquified pure gasoline.

However the White Home later improve its calls for as a part of the commerce talks, with Trump pushing for money investments within the US.

<img sizes="(min-width: 1280px) 50vw, (min-width: 1008px) 66vw, 96vw" srcset="https://ichef.bbci.co.uk/news/240/cpsprodpb/d9b5/live/b740e760-b49b-11f0-885f-31ec668fe78e.jpg.webp 240w,https://ichef.bbci.co.uk/news/320/cpsprodpb/d9b5/live/b740e760-b49b-11f0-885f-31ec668fe78e.jpg.webp 320w,https://ichef.bbci.co.uk/news/480/cpsprodpb/d9b5/live/b740e760-b49b-11f0-885f-31ec668fe78e.jpg.webp 480w,https://ichef.bbci.co.uk/news/640/cpsprodpb/d9b5/live/b740e760-b49b-11f0-885f-31ec668fe78e.jpg.webp 640w,https://ichef.bbci.co.uk/news/800/cpsprodpb/d9b5/live/b740e760-b49b-11f0-885f-31ec668fe78e.jpg.webp 800w,https://ichef.bbci.co.uk/news/1024/cpsprodpb/d9b5/live/b740e760-b49b-11f0-885f-31ec668fe78e.jpg.webp 1024w,https://ichef.bbci.co.uk/news/1536/cpsprodpb/d9b5/live/b740e760-b49b-11f0-885f-31ec668fe78e.jpg.webp 1536w" src="https://ichef.bbci.co.uk/news/480/cpsprodpb/d9b5/live/b740e760-b49b-11f0-885f-31ec668fe78e.jpg.webp" loading="lazy" alt="Reuters Donald Trump is presented with the "Grand Order of Mugunghwa" and a replica gold crown during a meeting with South Korean President Lee Jae Myung" class="sc-5340b511-0 hLdNfA"/> Reuters The US president was gifted a golden crown and the Grand Order of Mugunghwa, South Korea's highest ornament

Trump's arrival in South Korea had been preceded by North Korea test-firing surface-to-air cruise missiles.

The US president had expressed curiosity in assembly North Korean chief Kim Jong Un however famous on Wednesday that his group had been unable to rearrange this throughout his journey.

Noting the long-standing tensions between North and South Korea, Trump mentioned "we'll see what we will do to get that every one straightened out".

And out of doors the summit venue the place each leaders have been assembly, a small anti-Trump group of protesters gathered on Wednesday afternoon, with some shouting anti-Trump slogans. Police may very well be seen forcibly dispersing the gang and arresting some individuals.

Nonetheless, a whole bunch extra attended a pro-Trump rally - together with those that shouted anti-Chinese language rhetoric - additionally took locations near the summit venue.

Anti-Chinese language sentiment in South Korea has additionally grown steadily in recent times. Chinese language interference grew to become a standard trope in conspiracy theories about former South Korean president Yoon Suk Yeol.

<img sizes="(min-width: 1280px) 50vw, (min-width: 1008px) 66vw, 96vw" srcset="https://ichef.bbci.co.uk/news/240/cpsprodpb/b71e/live/36248920-b49b-11f0-b2a1-6f537f66f9aa.png.webp 240w,https://ichef.bbci.co.uk/news/320/cpsprodpb/b71e/live/36248920-b49b-11f0-b2a1-6f537f66f9aa.png.webp 320w,https://ichef.bbci.co.uk/news/480/cpsprodpb/b71e/live/36248920-b49b-11f0-b2a1-6f537f66f9aa.png.webp 480w,https://ichef.bbci.co.uk/news/640/cpsprodpb/b71e/live/36248920-b49b-11f0-b2a1-6f537f66f9aa.png.webp 640w,https://ichef.bbci.co.uk/news/800/cpsprodpb/b71e/live/36248920-b49b-11f0-b2a1-6f537f66f9aa.png.webp 800w,https://ichef.bbci.co.uk/news/1024/cpsprodpb/b71e/live/36248920-b49b-11f0-b2a1-6f537f66f9aa.png.webp 1024w,https://ichef.bbci.co.uk/news/1536/cpsprodpb/b71e/live/36248920-b49b-11f0-b2a1-6f537f66f9aa.png.webp 1536w" src="https://ichef.bbci.co.uk/news/480/cpsprodpb/b71e/live/36248920-b49b-11f0-b2a1-6f537f66f9aa.png.webp" loading="lazy" alt="BBC/Leehyun Choi Police officers wearing masks and hi-vis jackets carry a man " class="sc-5340b511-0 hLdNfA"/> BBC/Leehyun Choi Dozens of individuals attended a protest exterior the Gyeongju Nationwide Museum on Wednesday

Throughout his journey to Japan on Tuesday, the US president signed an settlement on uncommon earth minerals with Tokyo, in addition to a doc heralding a brand new "golden age" of US-Japan relations. This reiterated the dedication of the 2 nations to implement offers struck earlier, together with the 15% tariff deal negotiated earlier this 12 months.

Previous to that, he attended a gathering of South East Asian leaders, generally known as Asean, in Malaysia. There he presided over a "peace deal" between Thailand and Cambodia, whose longstanding border dispute erupted into open battle in July.