Scott Bessent Announces Trade Deal with South Korea
(MENAFN) US Treasury Secretary Scott Bessent announced on Monday that a trade agreement between the United States and South Korea will not be finalized during President Donald Trump's upcoming visit this week, citing the complex nature of the deal.
Speaking to reporters on Air Force One while traveling from Malaysia to Japan, Bessent said, "Just a lot of details to work out, very complicated deal, and I think we're very close."
When questioned if he anticipated the deal to be completed by Wednesday, Bessent responded, "Not quite, but I think the overall framework is done."
He further emphasized, "We're just getting the crossing that's, dotting the i's," referring to the meticulous attention to detail involved in finalizing the agreement.
Earlier in July, Trump had agreed to lower tariffs on South Korean imports from 25% to 15%, in exchange for Seoul committing to invest $350 billion in the United States.
US trade representative Jamieson Greer elaborated on the multifaceted nature of the deal, highlighting national security concerns and trade issues, particularly regarding non-tariff barriers that South Korea has imposed against the US.
"We've resolved a lot of those," Greer stated.
He also mentioned that a key component of the agreement includes plans for increased future investments.
"The Koreans have a great plan to invest in US shipbuilding even more than they've already done," Greer explained, adding that ongoing talks are focusing on implementing Korean investments in the most efficient manner possible.
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