Trump says he reached trade deal with South Korea

The President of the United States, Donald Trump, stated this Wednesday (29) that a trade agreement had been reached with South Korea. The statement made the won appreciate against the dollar, as the pact promises to reduce the uncertainty that hovered over the South Korean economy, which is heavily dependent on foreign trade. “We did it, we did it. We reached an agreement,” said Trump, when asked if the pact had been signed, before attending a dinner hosted by South Korean President Lee Jae Myung. “We have signed our agreement, practically concluded,” he added later, without revealing details. Without the agreement, South Korean car and steel manufacturers would have to pay tariffs of 25%, instead of the 15% set in July, which would put them at a disadvantage compared to Japanese competitors, who pay 15% following the pact signed between Tokyo and Washington. See the trending videos on g1 See the trending videos on g1 The summit between Trump and Lee took place during the US president’s trip to three Asian countries, which began in Malaysia, with a meeting of the Association of Southeast Asian Nations. South Korean officials said the two countries are still “deeply” divided over the financial part of a $350 billion investment package, as Seoul tries to reduce it by expanding the share of loans and guarantees. Xi and Trump will meet in Korea Donald Trump, president of the USA, and Xi Jinping, president of China, in photo from June 29, 2019 Reuters/Kevin Lamarque China confirmed that President Xi Jinping will meet with Donald Trump on Thursday (30), in South Korea, in a meeting widely anticipated by investors and market agents, who hope for a truce after months of trade tensions. “The two heads of state will discuss in depth strategic and long-term issues of bilateral relations,” said a spokesperson for the Ministry of Foreign Affairs this Wednesday (29), without directly mentioning the trade agreement that the leaders of the world’s two largest economies are expected to discuss in the port city of Busan. “We are willing to work together with the United States to ensure positive results at this meeting and breathe new life into the continued development of relations between China and the US,” said Guo Jiakun. Earlier on Wednesday, Trump declared, aboard the presidential plane Air Force One, that he and President Xi will reach “a good agreement” for both countries, as they headed towards South Korea. Anticipation for the meeting between Trump and Xi helped stabilize markets last month, after new tensions raised fears that both would walk away from negotiations aimed at ending the tariff war that has shaken global supply chains. Washington attributes the escalation of the trade war to new export controls on rare earths imposed by Beijing, while China claims that the conflict intensified after the US further restricted investments by Chinese companies in American territory. Xi will remain in South Korea from Thursday to Saturday to attend the Asia-Pacific Economic Cooperation meeting and pay a state visit. Trump, however, will not participate in the regional summit. Washington and Beijing also differ over the fentanyl trade, advanced semiconductors, controls on rare earths and soybean exports. US President Donald Trump attends a dinner of Asia-Pacific Economic Cooperation (APEC) leaders hosted by South Korean President Lee Jae-myeung in Gyeongju, South Korea Reuters

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