South Korean President Lee Jae Myung said Friday that South Korea and the United States had completed a joint fact sheet outlining new agreements on trade, defense, and technology following his summit with President Donald Trump last month.

Mr Lee, speaking during a televised briefing, said South Korea will begin building nuclear-powered submarines and launch a new partnership with the U.S. covering shipbuilding, artificial intelligence, and the nuclear industry.

He also emphasised that the nations had completed “broad and historic” commitments that strengthen their economic and security cooperation.

Mr Lee met with Trump in Gyeongju last month and agreed to a trade deal that will reduce U.S. import duties on South Korean products to 15 per cent, down from the previous rate of 25 per cent in several key industrial sectors.

According to a joint fact sheet released by the White House, the agreement represents a sweeping upgrade of the U.S.-South Korea alliance.

The document called the updated partnership “a new chapter” for the nations, covering tariff adjustments, expanded defense arrangements, and hundreds of billions of dollars in new industrial investment.

Under the deal, the U.S. will apply a 15 per cent tariff rate to originating goods from South Korea, including automobiles, auto parts, timber, lumber, pharmaceuticals, and semiconductors.

The agreement also commits South Korea to investing $150 billion in U.S. shipbuilding and an additional $200 billion in strategic sectors, investments that will be triggered after a new U.S.–Korea memorandum of understanding is completed.

The fact sheet also outlined enhanced cooperation on artificial intelligence, next-generation energy, nuclear technology, and semiconductor manufacturing.

The U.S. and South Korea will establish new joint mechanisms to expand industrial capacity and secure key supply chains.

Mr Lee said Friday that the U.S. has formally agreed to support South Korea’s development of nuclear-powered submarines, a long-sought capability Seoul said is needed to meet evolving regional threats.

The Korean Times reported that the agreement also includes U.S. backing for South Korea’s plan to reprocess spent nuclear fuel – an issue that has raised proliferation concerns in Washington.

The fact sheet noted that both leaders pledged to “advance peace, security, and prosperity” on the Korean Peninsula and across the Indo-Pacific.

The agreement follows several high-level exchanges between Messrs Trump and Lee, including the former’s state visit to Gyeongju in October and the latter’s trip to Washington in August.

Both leaders have framed the negotiations as essential to countering regional threats and increasing long-term economic resilience.

South Korean officials said the deal positions the country for long-term technological and military advancement.

“This partnership will strengthen Korea’s capabilities in critical industries and reinforce our security,” Mr Lee said.

(Xinhua/NAN)