President Lee Jae Myung said Friday that South Korea is “carefully” assessing the potential impact on the nation’s financial markets during tariff talks with the United States, as the allies have been in intense negotiations over the details of Seoul’s $350 billion investment pledge.
Lee made the remarks in a written interview with The Straits Times of Singapore as Seoul and Washington continue to work to bridge differences over the investment pledge tied to an initial deal reached in July to lower US tariffs on Korean goods and automobiles from 25 percent to 15 percent.
“We are carefully reviewing its potential impact on South Korea’s financial markets and exploring ways to maximize mutual benefits,” Lee said during the interview with the newspaper.
While Lee expressed hope of reaching a compromise on the tariff negotiations during his upcoming meeting with US President Donald Trump in South Korea next week on the occasion of the Asia-Pacific Economic Cooperation summit, he remained cautious about “working towards any artificial deadline.”
Earlier in the day, Kim Yong-beom, the presidential chief of staff for policy, said upon returning from his follow-up tariff negotiations in Washington that Seoul and Washington still remain far apart on key issues in trade talks despite some progress.
On relations with China, Lee acknowledged that South Korea is still trying to navigate its relations with its two largest trading partners amid ongoing tariff negotiations with the US and intensifying economic competition with China.
“It is important to expand new areas of cooperation with China while fiercely competing with it,” he said.
As South Korea prepares to host the APEC summit in the southeastern city of Gyeongju on Oct. 31 and Nov. 1, Lee said he hopes the annual economic forum will promote regional solidarity and advance innovative solutions to shared challenges.
The upcoming summit is drawing global attention as Trump is set to hold a high-stakes meeting with Chinese President Xi Jinping on the sidelines of the annual gathering. The White House said Trump will hold bilateral talks with Lee on Wednesday and with Xi the following day. (Yonhap)
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