- The United States and South Korea have agreed on a Memorandum of Understanding regarding the “U.S.-ROK Technology Prosperity Deal.”
- President Donald Trump confirmed after a meeting with South Korean President Lee Jae Myung that a trade deal is nearly finalized.
- South Korea is set to invest $150 billion in the U.S. shipbuilding industry.
- An additional $200 billion in investment commitments from South Korea to the United States is planned.
- The full details of the “Technology Prosperity Deal” have not yet been disclosed by either government.
The White House announced an agreement between the United States and South Korea on a Memorandum of Understanding tied to the “U.S.-ROK Technology Prosperity Deal.” This confirmation followed a meeting between President Donald Trump and South Korean President Lee Jae Myung held on Wednesday in Washington, D.C.
At an official press briefing, President Trump stated, “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.” The statement was later posted on an official White House social media account.
According to Bloomberg, South Korea has pledged to invest $150 billion in the U.S. shipbuilding sector. In addition, South Korea has set aside a further $200 billion for future investment commitments in the United States. This was confirmed by South Korea’s Policy Chief, Kim Yong-beom.
The precise components of the “Technology Prosperity Deal” have not been made public. Both governments have stated that more information will be disclosed as the agreement progresses. For additional coverage, see Bloomberg’s report.
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