The US and South Korea have struck a trade deal, with Washington agreeing to cut tariffs from 25% to 15%. South Korean President Lee Jae Myung called the deal a major diplomatic achievement for the export-driven economy. Both countries also unveiled a US$150 shipbuilding cooperation package. South Korea also confirmed there would be no further opening up of its rice and beef markets. Lim Yun Suk reports from Seoul and Kate Fisher reports from Washington DC.