S Korea announces lowering of tariffs as part of new US trade deal

Seoul will also invest $350bn in the US as part of the deal, which Donald Trump says is "pretty much finalised".

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South Korea's presidential aide, Kim Yong-beom, said the two sides will reduce reciprocal tariffs from 25% to 15%, as was agreed earlier this year.

South Korea will also invest $350bn in the US, including $200bn in cash investment and $150bn in shipbuilding, Kim said.

US President Donald Trump, who is currently on a week-long trip in Asia, said the deal was "pretty much finalised" at a dinner following the discussions, which lasted almost two hours. He did not give further details.

"We had a tremendous meeting today with South Korea", Trump said of his discussions with South Korean President Lee Jae Myung, adding that "a lot was determined".