S. Korea crossed "major hurdle" by reaching trade deal with U.S.: Pres. Lee

South Korea was quick to confirm the tariff deal with the U.S. this morning.

For more, correspondent Yoon Jung-min is on the line.

Jung-min, what did President Lee Jae Myung have to say?

Eun-ji, the President said the country has "crossed a major hurdle" to reach the deal which has been a major challenge for the new administration.

Taking to his social media account, President Lee said the deal has eliminated uncertainties in export conditions for the country, and created a condition where Korean companies can compete on equal or superior terms with major competitors.

He noted the investment fund worth 350-billion U.S. dollars will solidify the foundation of bilateral cooperation in strategic sectors, such as shipbuilding, semiconductors and rechargeable batteries.

He went on to note that 150-billion dollars will be solely committed to shipbuilding to help Korean shipbuilders make inroads into the U.S.

He added that he expects the agreement will further strengthen the South Korea-U.S. alliance.

2. What's the latest from the Presidential Office?

Presidential chief of staff for policy, Kim Yong-beom also confirmed the U.S. tariffs on South Korea will be lowered, including those on cars.

Take a listen.

"The U.S reciprocal tariffs set to be imposed on South Korea on August 1 will be lowered from 25-percent to 15-percent. Also, tariffs on cars, our main export items, will be lowered to 15-percent."

He went on to say that additional levies on semiconductors and pharmaceuticals will not be treated unfavorably when compared to other countries.

Kim said the U.S. has been pushing to open up Korea's agricultural and livestock markets, such as rice and beef, but Korea did not agree to further open the markets, taking into account the "sensitivity" of the matter.

The deal comes as top trade officials have been making their last-ditch efforts in the U.S. before the August 1 deadline set by U.S. President Trump.

That's all from me at this hour. Eunji.