Seoul: South Korea and the United States have signed a memorandum of understanding (MOU) regarding Seoul's $350 billion investment pledge in exchange for the reduction of U.S. tariffs, as announced by the industry ministry. The agreement was finalized with electronic signatures from South Korean Industry Minister Kim Jung-kwan and U.S. Commerce Secretary Howard Lutnick.

According to Yonhap News Agency, the specifics of the agreement were concluded on October 29. The finalized terms specify that the investment will include $200 billion in cash installments, with a maximum allocation of $20 billion annually. Additionally, $150 billion will be directed towards bilateral shipbuilding cooperation efforts.