India, July 31 -- The South Korean won recovered from recent loss against the U.S. dollar in the Asian session on Thursday, following the completion of a trade agreement between Seoul and Washington.
U.S. President Donald Trump declared a new trade agreement with South Korea, which imposes a 15 percent tariff on imports from South Korea. The deal also encompasses a $350 billion commitment from South Korea for investments that are owned and controlled by the US. Nevertheless, South Korean President Lee Jae Myung stated that the funds are intended to assist Korean companies in their expansion into the US markets.
The Democratic Party, currently in power, expressed approval of the agreement, emphasizing the alleviation of tariff pressures.
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