Tariff crisis Trump's Asia trip

South Korea confirms: Has reached a trade agreement with the US

The US and South Korea have agreed on a trade agreement that reduces tariffs on South Korea from 25 to 15 percent. This is confirmed by South Korea's chief negotiator Kim Yong Beom, according to Bloomberg. The trade agreement also includes car tariffs.

The agreement means that South Korea will invest $200 billion in the US. In parallel, $150 billion will be invested in various ship projects.

Trump announced earlier on Wednesday that the agreement between the parties was "basically done".

- We have reached an agreement. We did a lot of different things. A fantastic meeting, Donald Trump told reporters after a meeting with South Korean President Lee Jae Myung.

Trump on site in South Korea: "A lot of problems will be solved"

A lot of problems will be solved when Donald Trump and Xi Jinping meet on Thursday in South Korea. The president said this when he arrived in Gyeongju last night.

– I think we will have a very good meeting with Xi, says Trump and adds that he is "optimistic".

Aboard Air Force One, Trump stated that he will lower the so-called fentanyl tariffs from the current level of 20 percent. The tariffs were introduced as a way to put pressure on Beijing to limit exports of chemicals used to manufacture fentanyl.

Trump hints at agreements with India and South Korea on Asia tour

A trade agreement between the United States and South Korea may soon be finalized. Donald Trump said this on his way to the country where he will meet Chinese leader Xi Jinping tomorrow, Reuters reports.

During his tour of Asia, Trump will also meet South Korean leader Lee Jae Myung.

According to the Economic Times, Trump has also hinted that a trade agreement with India is imminent. At the same time, he showered praise on India's leader Narendra Modi, calling him "the most handsome man" and "very tough."

According to sources to the newspaper, intensive negotiations are now underway between India and the United States where tariffs could be reduced to 15 percent from the current 50 percent.

- The outlines are still being finalized.