Trump Finalizes Major Trade Agreement With South Korea During Summit [WATCH]

President Donald Trump announced Wednesday that the United States and South Korea have reached a trade agreement, signaling a breakthrough in negotiations that had lingered for months and temporarily boosting the value of South Korea’s currency, as reported by Newsmax.

Speaking ahead of a dinner hosted by South Korean President Lee Jae Myung, Trump confirmed the news when asked whether a deal had been struck.

“We did, we did. We did reach a deal,” he said. The president later added, “We made our deal, pretty much finalized it,” though he did not provide specific details about the agreement.

Following Trump’s remarks, the South Korean won rose 0.54% against the U.S. dollar as of 10:01 GMT, reflecting investor confidence in the announcement and the potential relief it could bring to one of Asia’s most trade-dependent economies.

Prior to the deal, South Korean automakers and steel producers faced a 25% U.S. tariff rate, compared to the 15% rate negotiated earlier in July.

Without an agreement, South Korean companies risked falling behind Japanese competitors, who currently benefit from a similar 15% rate under Tokyo’s trade arrangement with Washington.

The Trump-Lee summit took place as part of the president’s three-nation Asia tour, which began in Malaysia during a meeting with the Association of Southeast Asian Nations (ASEAN).

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The South Korea stop was viewed as a crucial opportunity to finalize terms and solidify economic ties between the two countries.

South Korean officials noted that while the overall framework of the deal is complete, differences remain regarding the structure of a $350 billion investment package tied to the agreement.

Officials in Seoul said the two sides remain “sharply” divided over the proportion of cash investments versus loans and loan guarantees. South Korea has been pushing to reduce its upfront cash contribution by increasing the share of financial guarantees.

The new deal is expected to provide greater clarity for manufacturers and exporters in both countries, easing uncertainty that has weighed on the region’s trade markets.

🚨 BREAKING: President Trump has officially finalized a $350 BILLION trade deal with South Korea

Plus Japan – that’s nearly $1 TRILLION on this trip alone!

South Korea gave 47 a golden crown and necklace, the highest-level award in the country’s history – and President Trump is… pic.twitter.com/cKxiJdA1cV

— Eric Daugherty (@EricLDaugh) October 29, 2025

Further details on the terms of the agreement and the structure of the investment package are expected to be released in the coming days following final administrative review by both governments.