U.S. President Donald Trump. /Chosunilbo DB

U.S. President Donald Trump. /Chosunilbo DB

U.S. President Donald Trump said on the 24th (local time) that negotiations on tariffs and trade with South Korea are “pretty close to being finalized.”

According to a joint White House press corps report on the 25th, the previous day, President Trump exchanged questions and answers with reporters aboard Air Force One during his Asia tour, which included Malaysia, Japan, and South Korea. When asked, “Do you expect to finalize negotiations with South Korea during this visit?” he responded this way. He added, “If they have it ready, I’m ready.”

This remark came shortly after a high-ranking Trump administration official stated during an Asia tour-related press briefing call the previous day, “We are very eager to conclude an agreement with South Korea as soon as possible. We want to do it as soon as South Korea is willing to accept the conditions we consider appropriate.”

Kim Yong-beom, presidential chief of staff for policy, and Kim Jung-kwan, Minister of Trade, Industry and Energy, explained after their recent visit to the U.S., “Only one or two key issues remain.” Domestically, there are also concerns that a sudden outflow of investment funds to the U.S. could trigger instability in the foreign exchange and financial markets.

Currently, South Korea and the U.S. are in final negotiations regarding a $350 billion (approximately 500 trillion Korean won) investment package announced in July of last year. The U.S. plans to significantly reduce tariffs on South Korean exports from the existing 25% to 15% on the condition that South Korea firmly fulfills this investment commitment.