South Korean President Lee Jae-myung arrived in Washington to meet US President Donald Trump. Their summit follows a July trade deal in which Washington cut its reciprocal tariff on South Korea from a proposed 25 percent to 15 percent. Discussions will focus on finalizing unwritten deal details, including South Korea's agreement to buy $100bn in US energy and to invest $350bn in the US economy. Direct investments from South Korean companies are expected to supplement those commitments. Lee leads a delegation including Samsung Electronics, SK Group, Hyundai Motor and LG Group, whose combined known direct investments total about 126 trillion won ($91.2bn). Domestic political turmoil in South Korea has complicated engagement with the US administration.
Their summit follows a trade deal in July in which Washington agreed to cut its reciprocal tariff on South Korea to 15 percent from an initially proposed 25 percent. The meeting is crucial for South Korea, whose engagement with the Trump administration was disrupted by domestic political turmoil, ignited by the brief declaration of martial law announced in December by the country's impeached former president, Yoon Suk-yeol.
Discussion will focus on ironing out details of the unwritten July trade deal, which involves South Korea agreeing to buy $100bn in US energy and invest $350bn in the US economy. On top of those dizzying sums are direct investments in the US, which are expected from South Korean companies, and which Trump has mentioned will be decided during their talks.
Collection
[
|
...
]