The US and South Korea have reached a broad trade deal, both countries have said following talks between their leaders.

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 (£265bn) in the US, including $200bn in cash investment and $150bn in shipbuilding, Kim said.

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