At a White House press conference
Trump highlights tariff achievements
Mentions South Korea and Japan: "Paid up front"
President Donald Trump of the United States reiterated on the 15th (local time) that South Korea would pay the $350 billion (approximately 497.7 trillion won) in investments promised to the United States as part of a trade agreement "up front." This statement was made as President Trump was emphasizing the importance of tariffs for the U.S. economy and security, ahead of a Supreme Court ruling on the reciprocal tariffs he imposed on various countries.
President Donald Trump is speaking during a press conference at the White House on the 15th (local time). Photo by Reuters Yonhap News
During a press conference at the White House that afternoon, President Trump highlighted his "tariff achievements," stating, "Both Japan and South Korea have signed. South Korea agreed to pay $350 billion up front, and Japan agreed to $650 billion." However, contrary to President Trump's remarks, the investment amount Japan agreed to with the United States is actually $550 billion. On September 25, President Trump also reaffirmed to reporters at the White House that South Korea would invest $350 billion in the United States, stating, "That is up front."
Although South Korea reached a trade agreement with the United States on July 30, the two countries have not signed a final agreement for three months due to significant differences over the nature and structure of the investment. As a result, U.S. tariffs on automotive items from South Korea are currently up to 10 percentage points higher than those on Japan and the European Union, which have already formalized their trade agreements in writing.
However, on this day, Treasury Secretary Scott Besant expressed optimism regarding the U.S.-South Korea agreement, stating, "I am confident that the differences can be resolved. We are currently in discussions, and we expect something within the next 10 days," raising expectations for a final agreement.
Koo Yooncheol, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, who is visiting the United States to attend the "Group of Twenty (G20) Finance Ministers and Central Bank Governors Meeting" and the "International Monetary Fund (IMF) and World Bank (WB) Annual Meetings" in Washington, D.C., plans to meet with Secretary Besant to discuss pending trade negotiation issues. Meeting with reporters at Dulles International Airport near Washington, D.C., Deputy Prime Minister Koo stated, "We are in the stage of coordinating rapidly with each other," adding, "It would be best if we could reach an agreement quickly from a position that serves our national interests."
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