US President Donald Trump and South Korean President Lee Jae Myung finalized a trade deal Wednesday, capping months of negotiation over implementation of a framework agreement struck in July.

Washington and Seoul agreed to set tariffs on U.S. imports of Korean auto and auto parts at 15%, down from the current 25%, to put them on par with their Japanese competitors who also pay 15% after Tokyo reached a deal with the U.S.

South Korean analysts have welcomed the new trade and investment agreement with Washington, announced to coincide with President Donald Trump's visit.

The Trump-Lee summit came during the U.S. president’s three-nation Asia tour that started in Malaysia with a meeting of the Association of Southeast Asian Nations.

U. President Donald Trump began the final leg of his Asia trip in South Korea on Wednesday, optimistic about advancing an unresolved tariff deal with President Lee Jae Myung and striking a trade war truce with China's Xi Jinping.