The White House announced that the U.S. released details of a deal with South Korea on Thursday. It included a Korean investment of $150 billion in the shipbuilding industry, which Washington had approved, and an additional $200 in Korean investment through a Memorandum of Understanding.

The joint statement comes after a meeting between South Korean president Lee Jae Myung, and U.S. president Donald Trump in October. They agreed on a deal to reduce U.S. tariffs on South Korea products from 25% to 15%.

The statement stated that "This deal includes 150 billion dollars of Korean investment in shipbuilding approved by the United States. This is known as the Approved investments."

The United States approved the construction of nuclear-powered attack subs in South Korea.

The statement said that Washington and Seoul will work together to develop the requirements for this project, including ways to source fuel.

The first Trump-Lee Summit in July saw the announcement of a trade agreement, in which South Korea agreed in exchange for reduced tariffs to invest hundreds and billions of dollars into U.S. project. Kanishka Singh reported from Washington and Himani Sarkar edited the article.

(source: Reuters)