U.S. President Donald Trump has described the relationship with South Korea as “great,” following a major trade agreement between the two countries concluded earlier this week. The statement came during a press interaction where Trump also confirmed an upcoming summit with South Korean President Lee Jae Myung at the White House in two weeks.

Trump said the new trade deal reflects mutual understanding and shared economic goals. Under the agreement, the U.S. lowered proposed reciprocal tariffs on South Korean imports from 25% to 15%. In return, South Korea pledged to invest $350 billion in the U.S. economy and purchase $100 billion worth of American liquefied natural gas (LNG) and other energy products over the next four years.

Despite concerns, South Korea’s ministries of finance, industry, and agriculture clarified that rice market access was not included in the trade pact. This was in response to U.S. claims that agricultural products, including rice, would benefit under the deal. A White House spokesperson had echoed Trump’s earlier assertion that the agreement would increase access for American farm goods.

The South Korean government firmly stated that rice remains excluded from any new concessions, despite U.S. pressure to ease restrictions on beef and rice imports.

Foreign Minister Cho Hyun confirmed ongoing discussions to finalize the date for the upcoming summit in Washington, which is expected to further strengthen strategic and economic ties between the allies.

The trade deal marks a significant step in aligning economic interests, while reinforcing diplomatic ties ahead of the leaders’ meeting.