Seoul: The presidential office announced that it is awaiting a response from Washington after submitting a revised plan concerning a US$350 billion investment fund. Presidential spokesperson Kang Yu-jung confirmed in a briefing that the revised memorandum of understanding has been forwarded to the U.S. government.

According to Yonhap News Agency, the announcement came after Kim Yong-beom, the presidential chief of staff for policy, discussed the submission of the revised plan in an interview with local media. Kang stated that the negotiations are ongoing, and while details cannot be disclosed, Seoul is considering different scenarios to create a mutually beneficial plan.

The context of the negotiations stems from a trade agreement signed in July, where Seoul committed to a $350 billion investment in the United States. In return, Washington agreed to reduce a proposed reciprocal tariff on South Korea from 25 to 15 percent and decrease its tariff on South Korean automobiles from 25 to 15 percent.