US Treasury chief says trade deal with S. Korea not to be finalized
(MENAFN) The United States confirmed that a trade agreement with South Korea will not be finalized during President Donald Trump’s ongoing visit, as officials cited the deal’s complexity, according to reports Monday.
US Treasury Secretary Scott Bessent explained that the negotiations involve numerous technical details still being worked out. “Just a lot of details to work out, very complicated deal, and I think we’re very close,” Bessent told reporters aboard Air Force One while traveling from Malaysia to Japan.
When asked if the deal might be completed by Wednesday, he responded, “Not quite, but I think the overall framework is done.” He added, “We’re just getting the crossing that’s, dotting the i’s,” stressing that officials are paying close attention to every aspect of the agreement.
In July, President Trump announced plans to lower tariffs on South Korean imports from 25% to 15% in exchange for Seoul’s commitment to invest $350 billion in the United States.
According to reports, US trade representative Jamieson Greer said the pact includes multiple components, such as national security considerations and trade-related issues where South Korea has historically maintained non-tariff barriers against the US. “We’ve resolved a lot of those,” Greer stated, noting that further talks concern future investments.
“The Koreans have a great plan to invest in US shipbuilding even more than they’ve already done,” Greer added, explaining that current discussions aim to determine how best to implement this investment.
President Trump also underscored the strategic importance of the shipbuilding industry, saying: “We’re very much involved in getting the shipbuilding again ... We were number one. We’ll be either number one or right up.”
Trump and South Korean President Lee Jae Myung are scheduled to meet Wednesday in Busan during the Asia-Pacific Economic Cooperation (APEC) Summit.
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