Overview
- South Korea’s package lowers reciprocal tariffs to 15% and comprises $200 billion in financial investment plus $150 billion in shipbuilding cooperation.
- Trump said he approved South Korea to build nuclear‑powered submarines, a change from its diesel fleet that Seoul argues would strengthen maritime deterrence.
- Trump and Xi began talks in Busan focused on tariffs, fentanyl‑related measures, access to rare earths, and possible Chinese purchases of U.S. agricultural goods.
- A framework hammered out in Malaysia envisions the U.S. shelving an added 100% tariff as China delays rare‑earth export controls for a year, pending leader approval.
- Trump indicated he could cut a 20% fentanyl‑linked tariff if Beijing curbs precursor exports, and officials are weighing an extension of the current tariff pause.