South Korea showers Trump with gifts as it works on a softer trade deal

After negotiations and ceremonies, including the presentation of a gold medal and crown to US President Donald Trump, the two countries have begun trade talks. Details of the $350 billion plan to invest in the US economy are being discussed.

Lee Jae Myung, the country’s president, dialed up the flattery during Trump’s final stop in Asia, where he worked to nail down financial promises while the two countries exchanged gifts.

No agreement has been reached despite the fact that both parties claimed that things have progressed and that Trump claimed things are “pretty much finished.” According to Kim Yong-beom, Lee’s chief of staff for policy, the plan includes gradual investments, cooperation in shipbuilding, and a reduction in Trump’s tariffs on South Korea’s auto exports. A comment request was not immediately addressed by the White House.

Kim claimed that the two nations have agreed to continue to have reciprocal tariffs at 15 percent as they have been since August, and that the same rate will also be applied to the US-exported largest auto parts, cars and auto parts. Automobile parts and parts had been subject to a 25% tariff, putting Japanese and European competitors, such as Hyundai and Kia, at odds with them.

After a day of applause for the visiting US president from his hosts, it appeared progress had been made on these issues despite the lack of immediate confirmation from US officials on those matters.

A special lunch menu was served with US-raised beef and a gold-adorned brownie. When Trump exited Air Force One, a band played the “YMCA” campaign anthem. You are indeed making America great again, Lee told him.

Trump has a soft spot for pomp and circumstance, despite being eccentric and demanding. As he walked along the red carpet, he was particularly impressed by the choreographed display of colorful flags.

During their meeting, Trump described it as “some spectacle, and some beautiful scenes.” “It was done flawlessly, and it was flawless.”

Trump even softerened his remarks earlier this day about international trade, which he typically uses to describe as predatory, in which the US is constantly trying to defraud.

During a business forum, he said, “The best deals are the deals that work for everyone.”

South Korea’s potential dangers

Trump was in Gyeongju, a historic city where South Korea hosts its annual Asia-Pacific Economic Cooperation (APEC) summit. Prior to that, he made stops in Malaysia and Japan, where he met the new prime minister, and where he met at the Association of Southeast Asian Nations summit.

The Republican president has been working to close trade deals along the way, hoping that Americans who are uneasy about the job market and witnessing a five-week government shutdown will benefit from his confrontational approach to tariffs.

South Korea has been particularly difficult to crack due to Trump’s demand for US$350 billion in direct investment.

Korean officials prefer to offer loans and loan guarantees over raising money, which they fear could destabilize their own economy. To control the flow of its currency into the US, the nation would also require a swap line.

After meeting with Lee, Trump stated that the deal was “quite close.” He refused to provide any details.

The negotiations are “a little bit more slowly” than expected, according to Oh Hyunjoo, a deputy national security director for South Korea, earlier this week.

She said on Monday, “We haven’t been able to reach an agreement on issues like the structure of investments, their formats, and how the profits will be distributed.”

In contrast, Trump’s experience in Japan has been characterized by the government’s efforts to deliver the $550 billion in investments it promised as a result of a previous trade agreement. During a dinner with business leaders in Tokyo, US Commerce Secretary Howard Lutnick made the announcement of up to $ 490 billion in specific commitments.

Before Trump arrived, Lee warned against trade barriers at the business forum.

Words like “cooperation,” “coexistence,” and “inclusive growth” may sound hollow, he said, “at a time when nationalism and protectionism are on the rise and nations focus on their immediate survival.” Despite the fact that “in times of crisis like this, APEC’s role as a platform for solidarity shines brighter.”

gift shower

When Lee praised the renovations to the Oval Office and suggested constructing a Trump Tower in North Korea, he met with Trump&nbsp in June and had a friendly meeting with him at the White House in August.

When Trump visited on Wednesday, he behaved similarly. Trump is the first US president to receive the Grand Order of Mugunghwa, the country’s highest honor, with the gold medal.

Trump remarked, “I want to wear it right now, but it’s as beautiful as it can be.”

The Silla Kingdom, which ruled from 57 BC to 935 AD, was followed by a replica of the royal crown. In Gyeongju, the capital of the kingdom, a tomb was where the original crown was discovered.

In addition to the trade disputes, Washington and Seoul have also been at odds with each other this year. In the month of September, a US immigration raid on a Hyundai plant in the US state of Georgia resulted in the detention of more than 300 South Koreans, which sparked outrage and betrayal.

According to Lee, businesses would probably not make investments in the future unless the visa system was improved.

Establishing a local factory in the United States will either result in severe disadvantages or be very challenging for our businesses, he said.

Trump responded to the immigration raid on Monday by saying, “I was against getting them out,” and that a more efficient visa system would make it easier for businesses to employ skilled workers.

Trump is scheduled to meet with Chinese President Xi Jinping on Thursday in South Korea for a closely watched meeting. Although Washington and Beijing have fought over trade, both sides have indicated they are willing to lower tensions.

Trump stated to reporters on Air Force One on Wednesday that he anticipates lowering tariffs that would affect China’s flow of ingredients.

Source: Aljazeera