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US President Donald Trump is set to welcome his South Korean counterpart on August 25 to finalize specifics of their recent trade agreement and address topics like chips, shipbuilding, and more, as announced by Seoul on Tuesday.
In exchange for reducing proposed tariffs from 25 percent to 15 percent, Trump stated on July 31 that South Korea would “provide” the United States with $350 billion for investments and purchase $100 billion worth of energy products.
He also mentioned that South Korea has committed to investing a significant “additional amount,” the exact figure of which will be disclosed during President Lee Jae Myung's visit to the White House.
According to Lee’s office, the meeting aims to evolve the alliance into a “future-oriented comprehensive strategic partnership” amid shifting global security and economic conditions.
Trump and Lee will talk about collaboration “in manufacturing areas like semiconductors, batteries, and shipbuilding, as well as in economic security partnerships related to advanced technologies, critical minerals, and further sectors,” spokesperson Kang Yu-jung stated.
South Korean officials have indicated that Seoul’s commitment to assist the United States in revitalizing its shipbuilding sector was crucial in achieving the trade agreement.
South Korea’s shipbuilding industry is the second-largest in the world, trailing only China, while the United States remains significantly behind both.
Washington is also increasingly relying on foreign shipyards to bolster its military operations in the Asia-Pacific region, positioning South Korea as a vital defense ally.
In 2024, Hanwha Ocean, one of South Korea’s leading shipbuilders, became the first non-US entity permitted to perform dry-dock maintenance on a US Navy vessel.
This summit will be the leaders' first encounter since Lee’s election in June, which followed the impeachment of his predecessor after the declaration of martial law.
