6:29President Donald Trump engages with South Korean President Lee Jae Myung at a dinner gathering in Gyeongju, South Korea, on October 29, 2025. Mark Schiefelbein/AP
President Donald Trump conveyed his endorsement of South Korea’s endeavor to construct a nuclear-propelled submarine — an authorization that follows after a trade accord was achieved between him and President Lee Jae Myung during their Wednesday bilateral talks.
Trump noted that several financial commitments were made by South Korea during the aforementioned discussions.
"Our Military Union stands stronger than it ever has, and on that basis, I’ve granted them permission to develop a Nuclear Powered Submersible, in place of the more conventional, and considerably less agile, diesel-fueled Submarines they currently utilize. A wonderful excursion, with a fantastic Prime Minister!” Trump declared on his social media platform this past Wednesday.
Trump further indicated that the submarine’s assembly would occur within the U.S. The Philly Shipyard, identified by Trump as the construction site, resides in Philadelphia, Pennsylvania, having been procured by the Korean enterprise, Hanwha Group, in the preceding year.
President Donald Trump offers a salute as he and South Korean President Lee Jae Myung proceed along an honor cordon during a welcome reception at the Gyeongju National Museum in Gyeongju, South Korea, on October 29, 2025.Mark Schiefelbein/AP
The financial arrangements, as stated by Trump, which materialized during the meeting on Wednesday, encompass a $350 billion payment from South Korea to the U.S. in return for the Trump administration affording the nation a diminished tariff rate.
Currently in South Korea, engaging with the nation’s leaders during the Asia-Pacific Economic Cooperation (APEC) summit, Trump additionally conveyed that South Korea consented to procure American oil and gas in "substantial amounts," with investments projected to "surpass" $600 billion.
Subsequent to the meeting, President Lee’s chief of staff reported that the tariffs levied by the U.S. on automotive exports would be reduced from 25% to 15%. The preliminary agreement from July established the reciprocal rate at 15%, which will be upheld.
Previously, in July, South Korea committed to allocate $350 billion into the U.S. Lee's chief of staff specified that a $200 billion investment would be disbursed in tranches, featuring cash installments of up to $20 billion annually. An additional $150 billion is set to be invested in the U.S. shipbuilding sector.
President Donald Trump and South Korean President Lee Jae Myung depart following an eminent honor presentation ceremony at the Gyeongju National Museum in Gyeongju, October 29, 2025.Andrew Caballero-Reynolds/AFP via Getty Images
This action now aligns the automotive tariffs payable by South Korea with those imposed on Japan.
The White House has yet to acknowledge a request for clarification concerning the tariffs, but has made public a fact sheet detailing further aspects of the trade arrangement.
Included is a pledge from Korean Air to secure 103 new Boeing airplanes for a sum of $36.2 billion, an action predicted to sustain approximately 135,000 employment opportunities within the U.S. The Republic of Korea Air Force will commit $2.3 billion towards advancing its aircraft with an American technology firm.
President Donald Trump receives the Grand Order of Mugunghwa and the Silla gold crown from South Korean President Lee Jae Myung at the Gyeongju National Museum, October 29, 2025 in Gyeongju, South Korea.Andrew Harnik/Getty Images
Furthermore, the White House has stated it has guaranteed crucial investments that solidify the United States’ position as a frontrunner in global energy, which includes South Korean acquisitions of American liquid natural gas and a $3 billion investment in U.S. power-grid infrastructure.
Earlier that Wednesday, the South Korean president welcomed Trump with commendation and gifts, notably a reproduction of the historic gold crown originating from the Silla dynasty. Their assembly transpired in Gyeongju, South Korea, previously serving as the capital of the ancient Silla Kingdom.
Trump was also bestowed with the Grand Order of Mugunghwa, the paramount honor of South Korea. Trump marks the first U.S. president to be a recipient of this honor.
Sourse: abcnews.go.com
