President Donald Trump says US-South Korea trade deal will be finalised very soon during APEC summit speech in Gyeongju.
SEOUL: United States President Donald Trump announced that a trade deal with South Korea would be finalised very soon during his APEC CEO Summit address.
Trump delivered this statement at the Asia-Pacific Economic Cooperation CEO Summit in Gyeongju, located approximately 275 kilometres southeast of Seoul.
He specifically noted the agreement would be completed moments or very shortly thereafter during his speech at the Gyeongju Arts Centre.
A framework agreement established in July requires South Korea to invest 350 billion US dollars in the United States.
This investment would be exchanged for Washington reducing its reciprocal tariffs from 25% to 15%.
The agreement has not yet taken effect because of ongoing differences regarding the investment package details.
The upcoming summit between Presidents Lee Jae Myung and Trump is anticipated to potentially deliver a breakthrough.
Trump emphasised the strong shipbuilding partnership between the two nations during his remarks.
He described the United States and South Korea as serious partners with a very special relationship and bond.
Trump expressed confidence about developing a very thriving shipbuilding industry through cooperation with South Korea.
He referenced the Hanwha Group’s acquisition of Philly Shipyard in Pennsylvania last year as evidence of this partnership.
Trump predicted this shipyard would become one of the most successful facilities anywhere in the world.
He expressed appreciation to President Lee, whom he called a terrific person, for hosting the APEC summit.
Trump characterised South Korea as a cherished American friend and close ally during his speech.
He described South Korea as truly one of the most remarkable nations anywhere on Earth.
Trump praised South Koreans for forging an economic development miracle on the peninsula.
He noted the country had become an industrial and technological powerhouse with a free society.
Previewing his Thursday summit with Chinese President Xi Jinping, Trump expressed hope for a good deal for both countries.
Trump anticipated something very exciting for everybody that would also benefit South Korea and all nations. – Bernama-Yonhap
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