Read Time:50 Second

South Korea and the United States have nearly completed a memorandum of understanding and a joint fact sheet on their recently finalized tariff negotiations, a senior presidential official said Friday. On Wednesday, the two countries finalized an agreement on the details of Seoul’s $350 billion pledge made in exchange for lower U.S. tariffs as President Lee Jae Myung and U.S. President Donald Trump met for a summit in the southeastern city of Gyeongju. “South Korean and U.S. authorities have nearly completed a memorandum of understanding on tariff negotiations and a ‘joint fact sheet’ on the negotiations, investment and trade,” Kim Yong-beom, presidential chief of staff for policy, said in a briefing. He noted that the allies are in final talks over security issues that they also seek to include in the joint fact sheet. Kim earlier said the investment pledge will consist of $200 billion in cash installments and $150 billion allocated for shipbuilding industry cooperation, with an annual cap set at $20 billion.