Since a handshake deal by the allies' leaders in July to lower U.S. tariffs to 15% from 25%, as Trump earlier imposed, South Korea has said the $350 billion in investment would be in the form of loans and loan guarantees as well as equity.
“The position we’re talking about is not a negotiating tactic, but rather, it is objectively and realistically not a level we are able to handle,“ South Korea’s National Security Adviser Wi Sung-lac said on Channel A News television.
South Korea, which pledged $350 billion toward U.S. projects in July, has balked at U.S. demands for control over the funds and South Korean officials say talks to formalise their trade deal are at a deadlock.
Last week South Korean President Lee Jae Myung told Reuters that without safeguards such as a currency swap, South Korea's economy, with foreign exchange reserves of $410 billion, would plunge into a crisis if it were made to make a massive outlay.
“We’re discussing alternatives,“ he said, adding Seoul is targeting a summit of the Asia-Pacific Economic Cooperation (APEC) grouping hosted by South Korea next month, which Trump is expected to attend, to finalise the trade deal with Washington. - Reuters
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