 "US President Donald Trump meets with South Korean President Lee Jae Myung at the Oval Office, at the White House, in Washington, D.C., US, on Monday. Reuters")
US President Donald Trump has refused to change the terms of a tariff agreement with South Korea, rendering President Lee Jae-myung’s efforts to push for a better deal futile during his first in-person meeting with the American leader at the White House.
On Monday, Trump and Lee voiced optimism about strengthening cooperation on North Korea, collective security, and shipbuilding. However, the US president confirmed that the 15 per cent tariff on South Korean goods will remain in place.
“We stuck to our guns. They are going to make the deal that they agreed to make,” Trump said after his meeting with Lee.
The South Korean leader launched a charm offensive toward Trump, applauding the stock market’s performance, the gold accents he added to the Oval Office, and his efforts in peacekeeping. He urged Trump to prioritise resolving tensions on the Korean Peninsula and even floated the idea of Trump building a namesake tower in North Korea if peace is achieved.
What have the two sides agreed on?
While Trump has ruled out changing the tariff deal, the US and South Korea have decided to establish a non-binding agreement to define the operation and structure of $350 billion in investment funds agreed as part of a July trade deal.
Seoul agreed with Washington last month on a trade deal to cut US tariffs in exchange for pledging the investments, though differences emerged on how the sides interpreted details of the plan, including how profits would be distributed.
Presidential policy adviser Kim Yong-beom said on Monday the two sides were making progress in reaching an agreement in broad terms during his visit to Washington for the summit between US President Donald Trump and South Korean President Lee Jae Myung.
During his trip, Kim said he had held a separate meeting with US Commerce Secretary Howard Lutnick for two hours.
Kim said that the US hoped to agree on a memorandum of understanding (MOU) to oversee the investment plan as soon as possible.
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More ShortsWith inputs from agencies