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Trump Says South Korea Trade Deal 'Pretty Close' to Finalization

President Trump has revealed that the US-South Korea trade deal is nearly complete. He made this announcement while traveling to Malaysia as part of his Asian tour. The agreement follows a July framework where Seoul committed to massive US investments. However, both countries continue working through final details before implementation.

Key Points: Trump Says US South Korea Trade Deal Nearly Finalized

  • Trump made the announcement aboard Air Force One during his Asia trip
  • Deal includes South Korea's $350 billion investment pledge to US
  • US would lower auto tariffs from 25% to 15% under agreement
  • Senior US officials emphasize need for Seoul's "appropriate" commitments
  • Both sides working to resolve differences over investment funding details
2 min read

Trump says trade deal with South Korea 'pretty close' to being finalised

President Trump announces US-South Korea trade agreement is close to completion during Asia trip, following July's $350 billion investment framework deal.

"It's pretty close to being finalised. If they have it ready, I'm ready. - Donald Trump"

Washington, Oct 25

US President Donald Trump has said a trade deal with South Korea is "pretty close to being finalised", noting that he is "ready" if the Asian country is ready for finalising the details of the framework deal struck in July.

Trump made the remarks in a press meeting aboard Air Force One on Friday, as he was en route to Malaysia as part of his Asia trip that will also take him to South Korea and Japan. Seoul and Washington have struggled to bridge differences over how to implement Korea's US$350 billion investment pledge under the July deal.

"It's pretty close to being finalised," he said, according to the White House pool report. "If they have it ready, I'm ready."

In a separate online briefing on Friday, a senior US official said the United States is keen to "nail down" a trade deal with South Korea as soon as Seoul is willing to take "appropriate" commitments.

The two countries reached their trade deal in late July, under which Seoul committed to investing $350 billion in the US, among other pledges, in return for Washington's agreement to lower its "reciprocal" tariff and sector-specific duty on South Korean autos to 15 percent from 25 per cent.

But the deal has yet to take effect amid negotiations to reconcile differences over a series of sticking points, including how to fund the investment package.

In recent weeks, top South Korean officials, including Kim Yong-beom, the presidential chief of staff for policy, Finance Minister Koo Yun-cheol and Industry Minister Kim Jung-kwan, have visited Washington multiple times, underscoring Seoul's stepped-up efforts to finalize the deal.

- IANS

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Reader Comments

R
Rohit P
Hope India is watching these developments closely. We should learn from how South Korea is positioning itself in global trade. The auto sector concessions are particularly noteworthy for our own automotive industry.
A
Arjun K
While trade deals are important, I'm concerned about the pressure smaller countries face when negotiating with economic superpowers. South Korea's repeated visits to Washington show the power imbalance. India must ensure our sovereignty isn't compromised in our trade agreements.
S
Sarah B
The tariff reduction from 25% to 15% on South Korean autos is significant. This could affect global auto markets, including India's position. Our policymakers should analyze how this impacts our export competitiveness.
V
Vikram M
Good to see progress in international trade despite differences. The "appropriate commitments" phrase is interesting - shows both sides are being practical. India could use similar balanced approaches in our trade negotiations. 👍
M
Michael C
The investment package funding issue is exactly why trade deals take so long to finalize. Both countries want to protect their interests. India faces similar challenges in our trade talks - balancing economic benefits with national priorities.

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