President Lee's Interview with Bloomberg
"Investment method, scale, schedule?all points of contention"
President Lee: "A delay in conclusion does not mean failure... We will reach a reasonable outcome"
Significantly different from Trump's recent
President Lee Jaemyung stated that discussions between South Korea and the United States over the details of a $350 billion (approximately 500 trillion won) investment package in the U.S. are still facing significant challenges.
In an interview with Bloomberg released on the 27th, President Lee said, "Everything is still up for debate, including the investment method, investment scale, timeline, loss-sharing mechanism, and dividend distribution." This interview took place on the 24th, immediately after Kim Yongbeom, Chief Policy Officer at the Presidential Office, and Kim Jeonggwan, Minister of Trade, Industry and Energy, held talks in the U.S. with Howard Lutnick, the U.S. Secretary of Commerce, on the 23rd Korean time.
While the two countries reached a broad agreement on mutual tariffs at the end of July, they have continued negotiations over the specifics of the $350 billion investment package, which is the core issue of the tariff talks. Although the negotiations gained momentum in early October when the U.S. accepted South Korea's demands, the outlook remains uncertain. As a result, it is unclear whether a final agreement will be produced at the second South Korea-U.S. summit scheduled for the 29th.
President Lee reiterated that the South Korea-U.S. tariff negotiations should not result in catastrophic consequences for South Korea. He has consistently instructed the negotiation team to prioritize "economic rationality" and pursue talks centered on national interests. President Lee emphasized, "The United States will naturally seek to maximize its own interests, but this must not lead to catastrophic consequences for South Korea."
He further stated, "Dialogue is ongoing, and while there are some differences in opinion, a delay in reaching an agreement does not necessarily mean failure. As an ally and friend of the United States, I believe South Korea can and must achieve a reasonable outcome that is acceptable to all parties."
President Lee's remarks stand in sharp contrast to those made by U.S. President Donald Trump during his tour of Asia. On the 24th (local time), President Trump told reporters aboard Air Force One, in response to a question about whether he expected to conclude the tariff negotiations with South Korea during this meeting, "We are very close to having the agreement finalized," adding, "If they (South Korea) are ready, I am ready."
Additionally, President Lee commented on the incident in September in Georgia, where more than 300 Korean workers were detained and later released by immigration authorities. He warned that unless reasonable treatment is ensured, there is a high possibility that factory construction could be delayed. These workers had been dispatched to expand the Hyundai Motor-LG Energy Solution battery plant.
President Lee said, "This caused severe trauma for the workers, and I have heard that some do not want to return to the United States." He added, "If safety and reasonable treatment for the workers are not guaranteed, there is a high likelihood that factory construction in the U.S. will be significantly delayed." President Lee also noted, "In fact, visa issues are a bigger problem for the United States than for South Korea," and regarding ongoing discussions to improve the visa system to prevent similar incidents, he said, "I expect a solution will be found in the near future."
Regarding security issues such as the modernization of the South Korea-U.S. alliance, President Lee said there has been progress. He stated, "It is clear that U.S. Forces Korea are essential for peace and security on the Korean Peninsula," but added, "Given the realities of the international community, we cannot decide the fate of U.S. Forces Korea." President Lee explained that South Korea must be prepared to deter North Korea regardless of external factors, and that the government's plan to increase the defense budget from the current 2.3% to 3.5% of GDP is not due to U.S. demands, but rather reflects the administration's basic position to strengthen self-reliant national defense.
Meanwhile, regarding the first face-to-face summit in six years between President Trump and Chinese President Xi Jinping, which will take place on the sidelines of the APEC summit in Gyeongju, President Lee expressed hope that tensions between the world's two largest economies-and South Korea's largest trading partners-would ease.
Citing the case of China's sanctions on Hanwha Ocean's business unit, President Lee described South Korea as "a country caught between two grinding stones," adding, "It is very regrettable and difficult to understand. This is likely China's way of signaling that such incidents could continue to occur in the future."
President Lee concluded, "The world order is entering a very complex and dangerous phase, but through bilateral talks between South Korea and the United States, we can deepen our understanding of each other, coexist, and find mutually beneficial solutions. I believe that ensuring such outcomes is South Korea's role as the APEC chair country."
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