President Donald Trump announced on Wednesday that he has nearly completed a significant trade agreement with South Korea, which is expected to lead to substantial investments in the United States. This announcement came as Trump arrived in South Korea for the Asia-Pacific Economic Cooperation (APEC) summit, marking the final stop on his trade-focused tour of Asia before returning home.
During a meeting with South Korean officials, Trump expressed optimism about the trade deal, stating, "We had a tremendous meeting today with South Korea. Pretty much finalized a trade deal, and we discussed some other things having to do with national security." The agreement is projected to bring in $350 billion, including $200 billion in cash and $150 million specifically for shipbuilding projects in the U.S. Additionally, tariffs on South Korean cars are set to be reduced from 25% to 15%.
Upon his arrival, Trump received several ceremonial gifts from South Korean officials, including a replica golden crown and a laurel leaf medal. Later, at a dinner, he addressed the ongoing tensions between North and South Korea, acknowledging the challenges posed by North Korea’s actions. He mentioned his familiarity with North Korean leader Kim Jong Un and expressed hope for a positive outcome in their relationship.
While Trump indicated he was open to meeting with Kim during his visit, North Korea has yet to respond positively to such overtures. Trump’s discussions with South Korea precede an anticipated meeting with Chinese President Xi Jinping, where he hopes to achieve a mutually beneficial agreement. He has previously expressed frustration with China over trade issues but remains optimistic about the upcoming talks.
Trump has stated that his trip to Asia could result in trillions of dollars returning to the U.S. economy, emphasizing the importance of these international discussions.
