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Donald Trump has said that he has “pretty much finalised” a deal with South Korea, as the two countries seek to agree a lower tariff rate for Seoul in return for greater investment in the US.
After a meeting with his opposite number Lee Jae Myung on Wednesday, the US president indicated in one comment that an agreement had been reached but in another that some issues may yet be outstanding.
“We reached a deal,” Trump said. “We did a lot of different things. Great session.”
However, he later said: “We came to a conclusion on a lot of very different items,” adding that the sides had “pretty much” finalised a trade deal.
The two sides have been working on an agreement that would give South Korea a lower tariff rate of 15 per cent in exchange for $350bn of investment in the US.
South Korean exporters are currently subject to a 25 per cent tariff, putting the country’s auto industry at a disadvantage compared with Japanese rivals, whose exports face a duty of 15 per cent under Tokyo’s trade agreement with Washington.
Lee had earlier said that several “sticking points” remained, including the amount, method and timeline of the Korean investment.
This is a developing story
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