South Korea and the United States have finalized a new tariff and security agreement following summit talks between President Lee Jae-myung and President Donald Trump on October 29.

• The agreement includes $150 billion in South Korean investment in shipbuilding and an additional $200 billion strategically, in exchange for reduced U.S. tariffs.
• The U.S. will apply a reciprocal tariff rate of 15 percent on originating South Korean goods, reducing sectoral tariffs on automobiles, auto parts, timber, lumber, wood derivatives, and pharmaceuticals to no more than 15 percent.
• South Korea plans to increase its defense spending to 3.5 percent of GDP and provide $33 billion in support for U.S. Forces Korea, while committing to $25 billion in U.S. military equipment purchases by 2030.
• The United States approved South Korea's plan to build nuclear-powered attack submarines.