Trump: "Korea is a money-making machine... If I take office, it will pay 14 trillion won annually for defense costs"

Indication of Renegotiation of Defense Cost-Sharing in Case of Presidential Election Victory

Donald Trump, the former U.S. president and Republican presidential candidate, referred to South Korea as a "Money Machine" and stated on the 15th (local time) that if he were in the White House, he would have made the U.S. spend $10 billion annually (approximately 13.65 trillion KRW) on the cost of stationing U.S. troops in South Korea (defense cost-sharing).

At a discussion hosted by the Chicago Economic Club in Chicago on the same day, former President Trump said, "If I were there (in the White House), they (South Korea) would be paying $10 billion annually." In the process, he referred to South Korea as a "money-making machine."

This is analyzed as an indication that former President Trump would demand a renegotiation of the defense cost-sharing agreement with South Korea if he wins the presidential election. Earlier, the U.S. and South Korea agreed earlier this month, ahead of the U.S. presidential election on the 5th of next month, to raise the 2026 defense cost-sharing amount by 8.3% from the previous year to 1.5192 trillion KRW. They also concluded an agreement that includes reflecting the Consumer Price Index (CPI) increase rate when raising the contribution annually until 2030. However, the $10 billion annual defense cost-sharing amount mentioned by former President Trump is nearly nine times the amount South Korea is expected to pay after 2026.

Former President Trump also claimed that during his tenure, he demanded South Korea pay $5 billion annually for defense costs, but South Korea was reluctant, so he tried to have them pay $2 billion first and then $5 billion the following year. However, he criticized his successor, President Joe Biden, saying it was a "shameful act" that he overturned the agreement.