US President Donald Trump has signed a new deal on Asia, this time with South Korean leader Lee Jae-myung.
South Korea has pledged to invest $350 billion in U.S. industry, or $20 billion a year, to reduce tariffs on South Korean exports to the United States from 25% to 15%.
President Trump initially demanded that the entire amount be paid upfront, saying that U.S. authorities would decide where to invest.
South Korea received significant input and restrictions on the terms of the agreement.
At the opening of the APEC summit of regional leaders, President Lee called for the opening of markets.
The demonstrators outside the summit reflected the 80% of South Koreans who oppose the $350 billion investment in the United States.
South Korea also obtained a safeguard or opt-out clause.
The announcement of the agreement between the US and South Korea on tariffs and investment surprised many South Koreans.
President Trump has signed agreements with multiple countries. China remains the biggest power, and negotiations are expected to take more time.
Although President Trump’s tariffs were subject to retaliation from Beijing, the president said he still intended to make a good deal with China.
MNA/