Gyeongju: U.S. President Donald Trump announced that a trade deal with South Korea would be finalized "very soon" during his keynote speech at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in Gyeongju. This announcement comes amidst reported deadlocks in the ongoing negotiations over the details of the agreement.
According to Yonhap News Agency, Trump made this statement before his scheduled meeting with South Korean President Lee Jae Myung. The negotiations have been centered around a framework deal reached in July, which outlines South Korea's commitment to invest US$350 billion in the United States. In return, the United States would lower its "reciprocal" tariffs from 25 percent to 15 percent. However, the agreement has faced delays due to unresolved issues regarding the specifics of the investment package.
The upcoming meeting between Trump and President Lee is anticipated to be pivotal in resolving these deadlocks and potentially achieving a breakthrough in the negotiations. Trump further highlighted the importance of the shipbuilding partnership between the two nations, emphasizing the strong bond and partnership. He stated that the collaboration would lead to a thriving shipbuilding industry, with South Korea playing a significant role in this endeavor.