U.S. President Donald Trump is in South Korea to discuss trade on Wednesday as part of his Asia tour. CBS News' Ramy Inocencio has more details.

Seoul

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

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President Trump has secured a trade breakthrough with South Korea during his visit to the region. The agreement includes South Korea pledging $350 billion in investments into the United States, with $200 billion in cash and $150 billion directed toward shipbuilding projects. In exchange, the U.S. will lower tariffs on South Korean automobiles from 25% to 15%, providing relief for South Korea's significant auto industry. President Trump was also awarded South Korea's highest honor and a symbolic crown during the visit.

Attention is now turning to President Trump's upcoming meeting with Chinese President Xi Jinping. The meeting is expected to address a range of issues, including U.S. control of TikTok, agricultural trade, rare earths, and efforts to curb the flow of fentanyl and precursor drugs from China to the United States. Both sides have expressed optimism about reaching a mutually beneficial agreement.

Trump working on trade deals with South Korea, China

All right, we turn our attention to Asia now. President Trump is in South Korea this morning for the third and final stop on his tour of the region. The president's arrival last night came after North Korea announced it test-fired sea-to-surface cruise missiles off its western coast. Now, despite the escalation, South Korea's leader put on a lavish welcome for President Trump, you see it here, awarding him the country's highest honor as the pair are set to work on ironing out a trade deal. Meanwhile, attention is also on President Trump's highly anticipated meeting with China's leader, Xi Jinping, Thursday. A meeting the president is optimistic will garner results. I think we're gonna have a deal. I think it'll be a good deal for both. And that's really a great result. The world is watching, and I think we'll have something that's very exciting for everybody. CBS News foreign correspondent, Remy Innocencio, is watching this all from our London bureau and joins us now with more. Good morning, Remy. All right, so now it's South Korea's turn for a trade charm offensive. Tell us what's happening. Yeah, well, apparently that charm has actually worked because in just the past few minutes, Errol, both President Trump and President Lee Jae-myung of South Korea announced a trade breakthrough here. Going into this, South Korea had already pledged to invest $350 billion into the U.S. This would be in exchange for the lowering of Trump's tariffs from 25% to 15%. Now we have the outline of those investments. $200 billion will be in cash, though South Korea had been hoping to give loans to its own companies to invest in the U.S. Another $150 billion will be in the form of money going to shipbuilding projects. South Korea is one of the most advanced countries in the world for shipbuilding, so it goes to say that the U.S. wants more help with that. For South Korea, though, their massive auto industry, that's where there is a win, a relative win, really. 15% tariffs there, better than the 25% earlier this year. The country's economy does rely a lot on South Korea's automobile sector. You mentioned the charm offensive. Got to talk about the gifts that President Lee gave President Trump. One was an ancient crown earlier today, more than 1,000 years old. There you go. You see it on the right-hand side of your screen there. About a foot high or so, that's a replica connected to a crown more than 1,000 years old that connected kings to heaven, something that Trump probably wouldn't mind being connected to. The other was South Korea's highest honor, as you mentioned. This is a national flower that symbolizes resilience. So looking ahead, it appears South Korea's charm offensive has worked, and Trump says that he would now like to invite President Lee back to the White House again. Yeah, that crown is huge. And all of this, Ramy, adds to the anticipation around the president's meeting with Chinese leader Xi Jinping. That's late tonight for our viewers watching. So what are the prospects of a deal coming out of that? Yes, well, President Trump is setting the bar quite high for success. We've been hearing this over this entire week from Treasury Secretary Scott Besant, and he thinks, Trump thinks, that they're going to have a good deal for both. He even put a bit of passion into it, saying that it'll be exciting and that it's better than fighting. And there you go. The issues we've been reporting on all week, reminder, U.S. control of TikTok, purchases of soybeans from the U.S., rare earths from China, and stopping fentanyl and precursor drugs from going from China to the United States. And we are looking ahead. The Foreign Ministry for China has already confirmed that that will happen. Trump says it'll be about three hours long. All right, Ramy Innocencio with all the latest from London. Thank you, Ramy.

President Trump will hold a bilateral meeting with Chinese President Xi Jinping. This is their first face-to-face since Mr. Trump returned to the White House. Jessi Mitchell anchors this Special Report.

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Trump working on trade deals with South Korea, China

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