President Donald Trump is pressuring trading partners to do more business with American companies, and on Monday, the US aviation giant Boeing and Korean Air announced a contract for approximately $36 billion (£24 billion) for 103 planes.
According to a joint announcement from the two businesses, the arrangement includes passenger aircraft such as the 787, 777, and 737. According to Korean Air CEO Walter Cho, the new aircraft will arrive at a “pivotal moment” and update the fleet of the South Korean flag carrier, guaranteeing its competitiveness as it merges with Asiana Airlines.
Hours after South Korean President Lee Jae Myung met with Trump in Washington to discuss the US’s 15% tariffs on the Asian nation in July, the accord was made public.
US Commerce Secretary Howard Lutnick and South Korea’s Trade Minister Kim Jung-kwan attended a meeting with government officials and business executives from the two nations to launch the agreement. Seoul’s commerce ministry said the Korean Air pact was one of several agreements reached during the negotiations.
The massive South Korean automaker Hyundai Motor Group also declared Monday that it is increasing its investment in the US from $21 billion to $26 billion.
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