New Delhi, Nov. 14 -- The White House announced on November 13 that the United States and South Korea have finalised a joint fact sheet outlining agreements on trade and security matters, following the summit of President Donald Trump and South Korean President Lee Jae Myung in October.

Last month, Lee met Trump in Gyeongju, South Korea, and reached an agreement to reduce U.S. import duties on South Korean goods from 25% to 15%.

The US will impose either the higher rate under the U.S.-Korea Free Trade Agreement or the Most Favoured Nation (MFN) tariff, or a 15% tariff on South Korean goods, under its reciprocal tariff policy, the White House said on November 13. For pharmaceuticals, the tariffs will not exceed 15%.

South Korea will con...