Trump Says South Korea Deal ‘Pretty Much’ Confirmed

• The White House officially confirmed that the U.S. and South Korea have a Memorandum of Understanding with respect to the “U.S.-ROK Technology Prosperity Deal.”
• The East Asian country will invest $150 billion in the U.S. shipbuilding industry and has also earmarked an additional $200 billion in investment pledges.
• U.S. tariffs on South Korean cars would drop to 15% from the 25% previously announced by the Trump administration.

President Donald Trump on Wednesday stated that a trade deal with South Korea has been “pretty much” confirmed, following a meeting with his South Korean counterpart, President Lee Jae Myung.

“We had a tremendous meeting today with South Korea — with lots determined... We pretty much finalized a trade deal and we discussed some other things having to do with national security,” President Trump said, according to an official White House account on X.

The White House officially confirmed that the U.S. and South Korea have a Memorandum of Understanding with respect to the “U.S.-ROK Technology Prosperity Deal.” However, the specifics of the deal have not been revealed yet.

According to a Bloomberg report citing South Korea’s Policy Chief Kim Yong-beom, the East Asian country will invest $150 billion in the U.S. shipbuilding industry and has also earmarked an additional $200 billion in investment pledges.

According to a Bloomberg report citing South Korea’s Policy Chief Kim Yong-beom, the East Asian country will invest $150 billion in the U.S. shipbuilding industry and has also earmarked an additional $200 billion in investment pledges.

Kim added that, thanks to the deal, U.S. tariffs on Korean cars would drop to 15%, the report said, from the 25% previously announced by the Trump administration. This comes after the U.S. and Japan announced a trade deal that lowered tariffs on most Japanese goods to 15%. In exchange, Japan would invest up to $550 billion in the U.S.

Further, any profits South Korea earns from its shipbuilding investment in the U.S. would be split equally between the two countries, the report said.

Meanwhile, U.S. equities rose in Wednesday’s pre-market trade. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up 0.23%, the Invesco QQQ Trust ETF (QQQ) gained 0.41%, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) rose 0.2%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘neutral’ territory.

Also See: Dow Futures Rise As Wall Street Awaits Fed Decision: NVDA, MSFT, GOOGL, META Among Stocks To Watch

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