South Korea and the United States have reached a consensus on the trade agreement!
On Wednesday, the U.S. president stated during a dinner with Lee Jae-myung that the U.S. has basically finalized the trade agreement with South Korea.
"We had a very great meeting with South Korea today, and many things were decided. We have reached an agreement, and it is basically finalized — a trade agreement."
According to Kim Yong-hwan, the chief of staff to the South Korean president, South Korea and the United States have indeed reached an agreement on the details of the trade agreement.
The framework of the July trade agreement still requires South Korean cars to pay a 25% tariff. This agreement reduces the car tariff to 15%, the same as Japan's.
In response to the U.S. requirement for a $350 billion investment, the U.S. made some concessions: $200 billion will be completed in cash, and $1,500 billion will be completed through shipbuilding cooperation, led by South Korean companies.
The $2,000 billion investment will be completed over several years. According to business progress, the annual investment limit will be $200 billion, which will make the South Korean foreign exchange market controllable, meeting South Korea's requirements.
Original article: www.toutiao.com/article/1847319794787340/
Statement: The article represents the personal views of the author.