Gyeongju: U.S. President Donald Trump announced that the United States and South Korea have reached a trade deal that is "pretty much finalized." Trump made this statement after a summit with South Korean President Lee Jae Myung in Gyeongju, the host city for this year's Asia-Pacific Economic Cooperation meetings.
According to Yonhap News Agency, Trump shared the news of the trade agreement shortly after the summit as he attended a dinner hosted in his honor by President Lee. When questioned by a reporter about the trade deal, Trump confirmed its progress, stating, "We did. We reached a deal. We did a lot of different things." He described the summit as a "great session" and expressed his honor at the occasion.
The meeting between Trump and Lee attracted significant attention as both nations aimed to address differences regarding a framework trade deal initially established in July. The agreement entailed South Korea's commitment to invest US$350 billion in the United States, which in return promised to lower "reciprocal" tariffs on South Korean goods from 25 percent to 15 percent.
During the dinner, Trump, seated next to President Lee, commented on the "tremendous" nature of their discussions, though he refrained from providing specific details about the deals. He noted, "A lot was determined, very much determined. We made our deal, pretty much finalized a trade deal. And we discussed some other things having to do with national security, et cetera, and I think we came to a conclusion on a lot of very important items."
Trump also addressed ongoing security issues on the Korean Peninsula, emphasizing his commitment to resolving tensions. He mentioned North Korea's leader, saying, "I know Kim Jong-un very well, and I think things will work out very well," while acknowledging that North Korea has not been as cooperative as desired.