(NewsNation) — South Korea and the United States advanced talks of a $350 billion trade deal Wednesday, one of the Asian nation’s top officials told reporters after a meeting between the countries’ leaders.
President Donald Trump said a deal with South Korea was “pretty much finalized,” though neither government has signed an official agreement.
The deal’s framework includes lower tariffs on South Korea’s automobile exports, as well as cooperation from Trump on shipbuilding and gradual investments, the Associated Press reported.
Trump continued his diplomatic tour through Asia on Wednesday, meeting with South Korean President Lee Jae Myung and attending the Asia-Pacific Economic Cooperation summit.
The potential agreement comes hot on the heels of deals of similar value from his previous stops in Malaysia and Japan.
Trump also received a replica gold crown and the country’s highest medal. The two presidents proclaimed a new golden age between their countries.
Trump on Wednesday also confirmed he would not extend his tour of Asia with a visit to North Korea.
North Korea on Wednesday said it conducted successful cruise missile tests, which Trump seemingly dismissed when asked about the military activity: “He’s been launching missiles for decades, right?”
President Donald Trump reacts as he is presented with the Grand Order of Mugunghwa and the Silla gold crown by South Korean President Lee Jae Myung at the Gyeongju National Museum on Oct. 29, 2025, in Gyeongju, South Korea. (Photo by Andrew Harnik/Getty Images) 
President Donald Trump reacts as he is presented with the Grand Order of Mugunghwa and the Silla gold crown by South Korean President Lee Jae Myung at the Gyeongju National Museum on Oct. 29, 2025, in Gyeongju, South Korea. (Photo by Andrew Harnik/Getty Images) 
President Donald Trump is welcomed by South Korean President Lee Jae Myung at the Gyeongju National Museum on Oct. 29, 2025, in Gyeongju, South Korea. (Photo by Andrew Harnik/Getty Images)
Trump, Xi to meet in South Korea Wednesday
South Korea and the APEC summit serve as a backdrop for a highly anticipated meeting between Trump and Chinese President Xi Jinping. The two leaders will hold a bilateral meeting at 10 p.m. EDT on Wednesday, according to Trump’s official White House schedule.
It will be the first face-to-face between the two leaders since Trump began his second term — and slapped Beijing with hefty tariffs, resulting in an ongoing trade war.
Tariffs, trade and TikTok are expected to be the focuses of the meeting, which comes following news of a framework for a trade deal between the U.S. and China.
The deal may also involve China resuming the purchase of soybeans from U.S. farmers after trade disputes disrupted the once-solid relationship.
NewsNation’s Anna Kutz and Tom Dempsey contributed to this report.