Gyeongju: The United States and South Korea advanced trade talks on Wednesday, addressing details of $350 billion that would be invested in the American economy, after negotiations and ceremonies that included the presentation of a gold medal and crown to President Donald Trump.
Both were gifts from the country's president, Lee Jae Myung, who dialed up the flattery while Washington and Seoul worked to nail down financial promises during the last stop of Trump's Asia trip.
Although both sides said progress has been made - Trump said things were "pretty much finalized" - no agreement has been signed yet. The framework includes gradual investments, cooperation on shipbuilding and the lowering of Trump's tariffs on South Korea's automobile exports, according to Kim Yong-beom, Lee's chief of staff for policy.
July Deal
The allies unveiled a deal in late July under which Seoul would avoid the worst of US tariffs on its imports by agreeing to pump $350 billion of new investments into the United States in return for lower tariff rates.
But talks over the structure of those investments had been deadlocked and both sides had played down expectations for a deal during Trump's visit.
INVESTMENTS in US
Trump and Lee agreed that Seoul can split its promised $350 billion investment fund into $200 billion in cash to be paid in instalments and capped at $20 billion per year, Lee's aides said. The other $150 billion is to be spent on investments in shipbuilding, which South Korea has promised to help Trump restore.
The South Koreans said the two sides agreed to split profits 50/50 before the initial investments are recouped, and to only pursue commercially viable projects. US Commerce Secretary Howard Lutnick would head an investment committee to assess potential projects.
The White House did not immediately respond to a request for comment on the details of a Korea trade deal, which needs to be ratified by South Korea's parliament.
Talks with Xi Today
Speaking to reporters en route to South Korea, Trump said he was squarely focused on his meeting with Xi, leader of the world's second-largest economy. "We're going to have a very good outcome for our country and for the world, actually," Trump said.
'Too Bad I Can't run for 3rd term'
Trump also said that "it's too bad" he's not allowed to run for a third term, conceding the constitutional reality even as he expressed interest in continuing to serve. "If you read it, it's pretty clear," Trump told reporters aboard Air Force One. "I'm not allowed to run. It's too bad."
Trump's comments came a day after House Speaker Mike Johnson said it would be impossible for Trump to stay in the White House. "I don't see the path for that," he told reporters at the US Capitol on Tuesday.
Both were gifts from the country's president, Lee Jae Myung, who dialed up the flattery while Washington and Seoul worked to nail down financial promises during the last stop of Trump's Asia trip.
Although both sides said progress has been made - Trump said things were "pretty much finalized" - no agreement has been signed yet. The framework includes gradual investments, cooperation on shipbuilding and the lowering of Trump's tariffs on South Korea's automobile exports, according to Kim Yong-beom, Lee's chief of staff for policy.
July Deal
The allies unveiled a deal in late July under which Seoul would avoid the worst of US tariffs on its imports by agreeing to pump $350 billion of new investments into the United States in return for lower tariff rates.
But talks over the structure of those investments had been deadlocked and both sides had played down expectations for a deal during Trump's visit.
INVESTMENTS in US
Trump and Lee agreed that Seoul can split its promised $350 billion investment fund into $200 billion in cash to be paid in instalments and capped at $20 billion per year, Lee's aides said. The other $150 billion is to be spent on investments in shipbuilding, which South Korea has promised to help Trump restore.
The South Koreans said the two sides agreed to split profits 50/50 before the initial investments are recouped, and to only pursue commercially viable projects. US Commerce Secretary Howard Lutnick would head an investment committee to assess potential projects.
The White House did not immediately respond to a request for comment on the details of a Korea trade deal, which needs to be ratified by South Korea's parliament.
Talks with Xi Today
Speaking to reporters en route to South Korea, Trump said he was squarely focused on his meeting with Xi, leader of the world's second-largest economy. "We're going to have a very good outcome for our country and for the world, actually," Trump said.
'Too Bad I Can't run for 3rd term'
Trump also said that "it's too bad" he's not allowed to run for a third term, conceding the constitutional reality even as he expressed interest in continuing to serve. "If you read it, it's pretty clear," Trump told reporters aboard Air Force One. "I'm not allowed to run. It's too bad."
Trump's comments came a day after House Speaker Mike Johnson said it would be impossible for Trump to stay in the White House. "I don't see the path for that," he told reporters at the US Capitol on Tuesday.
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