President Lee Jae Myung says South Korea and the United States have completed a joint fact sheet outlining new agreements on trade, defence, and technology following his summit with President Donald Trump last month.
Lee, during a televised briefing, disclosed that South Korea will begin building nuclear-powered submarines and also launch a new partnership with the US covering shipbuilding, artificial intelligence, and the nuclear industry.
He also emphasised that the nations had completed “broad and historic” commitments that strengthen their economic and security cooperation.
Last month, Lee met Trump in Gyeonggi and agreed to a trade deal that will cut US import duties on South Korean products to 15 per cent, down from the previous rate of 25 per cent in several key industrial sectors.
According to a joint fact sheet released by the White House, “the agreement represents a sweeping upgrade of the US–South Korea alliance.”
The document called the updated partnership “a new chapter” for the nations, covering tariff adjustments, expanded defence arrangements, and hundreds of billions of dollars in new industrial investment.
Under the deal, the US will apply a 15 per cent tariff rate to originating goods from South Korea, including automobiles, auto parts, timber, lumber, pharmaceuticals, and semiconductors.
The agreement also commits South Korea to investing 150 billion dollars into US shipbuilding and an additional 200 billion dollars in strategic sectors – investments that will be triggered after a new US–Korea memorandum of understanding is completed.
The fact sheet also outlined enhanced cooperation on artificial intelligence, next-generation energy, nuclear technology, and semiconductor manufacturing.
The US and South Korea will establish new joint mechanisms to expand industrial capacity and secure key supply chains.
The Korean President noted that, “the US has formally agreed to support South Korea’s development of nuclear-powered submarines, a long-sought capability Seoul said is needed to meet evolving regional threats.”
The fact sheet noted that both leaders pledged to “advance peace, security, and prosperity” on the Korean Peninsula and across the Indo-Pacific.
The agreement follows several high-level exchanges between Trump and Lee, including Trump’s state visit to Gyeongju in October and Lee’s trip to Washington in August.
South Korean officials said; “the deal positions the country for long-term technological and military advancement.”
“This partnership will strengthen Korea’s capabilities in critical industries and reinforce our security,” Lee said.
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