US, S. Korea agree on sweeping economic, defense package—Trump
(MENAFN) US President Donald Trump announced on Thursday that Washington and Seoul have reached a wide-ranging economic and defense agreement aimed at deepening bilateral cooperation.
"South Korea has agreed to pay the USA 350 Billion Dollars for a lowering of the Tariffs charged against them by the United States," Trump stated on his Truth Social platform.
He also revealed that South Korea will purchase American oil and gas "in vast quantities," while investments from South Korean corporations and entrepreneurs in the US are expected to surpass $600 billion.
"Our Military Alliance is stronger than ever before and, based on that, I have given them approval to build a Nuclear Powered Submarine, rather than the old fashioned, and far less nimble, diesel powered Submarines that they have now," Trump added.
During his meeting a day earlier with South Korean President Lee Jae Myung, Trump said that a long-anticipated trade deal between the two countries had been "pretty much finalized," though he did not confirm whether all terms were officially settled.
Later on Thursday, Trump is scheduled to meet with Chinese President Xi Jinping, who is in South Korea for the Asia-Pacific Economic Cooperation (APEC) summit. Trump himself will not be participating in the regional forum.
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