"If Korea Accepts Appropriate Conditions, Trade Negotiations Can Be Concluded as Soon as Possible"
"No Scheduled Meeting with Kim Jong Un... But Plans Could Change"
U.S.-China Summit in Busan... "Most Interested in Trade"
A senior official from the Trump administration in the United States stated that they hope to conclude the U.S.-Korea trade negotiations swiftly. However, it appears that the negotiations have stalled, primarily due to unresolved issues regarding the execution of Korean investment in the United States, contingent upon the acceptance of appropriate conditions.
On October 24 (local time), during a pre-trip press briefing call regarding President Donald Trump's upcoming visit to Asia, the senior official was asked whether a trade agreement would be finalized during the visit to Korea. The official responded, "We are very eager to reach an agreement with Korea as soon as possible."
The official added, "We want to move as quickly as possible, provided that Korea is willing to accept the conditions we consider appropriate."
This statement suggests that the U.S. side acknowledges that the current U.S.-Korea trade negotiations have not been concluded, mainly due to outstanding issues centered on Korea's execution of investment in the United States.
Currently, both countries are struggling to find common ground regarding the composition and implementation plan for Korea's $350 billion investment package in the United States, which was agreed upon in broad terms in July. It remains uncertain whether a trade agreement will be announced at the U.S.-Korea summit scheduled for October 29.
Kim Jeonggwan, Minister of Trade, Industry and Energy and Korea's chief representative in the U.S.-Korea trade negotiations, confirmed during a National Assembly audit on October 24 that discussions are underway regarding Korea investing $25 billion annually over eight years, totaling $200 billion in the United States (with the remaining $150 billion to be provided through credit guarantees and other means).
However, Minister Kim stated that there is significant disagreement between the two sides regarding the appropriate scale of direct cash investment in the United States.
Meanwhile, the senior U.S. official reaffirmed that President Trump wishes to cooperate with Korea to rebuild the U.S. shipbuilding industry.
The official said, "We welcome their capital and expertise, as well as their general cooperation to help rebuild U.S. manufacturing, the defense industry, shipbuilding, and submarine construction."
The official also explained that President Trump will sign a series of economic agreements during the trip, saying, "These agreements will further reshape the global economic order, secure more investment to create high-paying jobs in the United States, and advance industrial revitalization."
He further introduced that, in addition to a trade agreement, the president is also expected to sign agreements on critical minerals needed to build reliable industrial supply chains during this Asia trip.
When asked whether President Trump might meet with Kim Jong Un, Chairman of the State Affairs Commission of North Korea, at the Demilitarized Zone (DMZ) during this Asia trip, the senior official replied, "The president has, of course, expressed his willingness to meet Kim Jong Un in the future, but such a meeting is not on the itinerary for this trip." However, he added, "Of course, things could change."
This indicates that, as of the start of President Trump's visits to Malaysia, Japan, and Korea (through October 30), there are no plans for a U.S.-North Korea summit, but the possibility remains open should President Trump make a sudden proposal.
Additionally, a senior U.S. government official stated that President Trump will "host" a bilateral meeting with Chinese President Xi Jinping in Busan on October 30.
The official said, "The president is most interested in discussing trade with President Xi," adding, "He will focus the conversation on economic relations between the United States and China."
Regarding the possibility of discussing issues such as Taiwan at the U.S.-China summit, the official reiterated, "The U.S. side is not willing to discuss other agendas," and explained that trade, China's purchase of Russian crude oil, and China's export controls on rare earth elements are the main topics.
President Trump's first stop on this Asia trip is Malaysia. On October 26, President Trump will meet with Prime Minister Anwar Ibrahim and attend a U.S.-ASEAN (Association of Southeast Asian Nations) leaders' working dinner.
President Trump will also preside over a peace agreement signing ceremony between Thailand and Cambodia in Malaysia.
On October 27, President Trump will travel to Japan, where he will meet with newly appointed Prime Minister Sanae Takaichi and Emperor Naruhito. During his visit to Japan, he plans to meet with CEOs of major companies and visit U.S. military bases.
On October 29, President Trump will travel to Korea and deliver a speech to business leaders during his stay.
On the same day, President Trump will participate in a bilateral program hosted by President Lee Jaemyung and later attend a dinner with other key regional leaders, according to a senior U.S. government official.
The "bilateral program" mentioned by the official is understood to refer to a bilateral summit between the U.S. and Korean presidents.
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