President Trump said early Wednesday that the U.S. has “pretty much” reached a trade deal with South Korea.
“We reached a deal. We did a lot of different things. Great session,” Trump told reporters, according to a White House pool report. “We came to a conclusion on a lot of very different items.”
The White House has not offered any additional information on the deal.
South Korean President Lee Jae Myung’s chief of staff Kim Yong-beom told reporters that the two counties had reached “an agreement on details” in tariff negotiations, according to The New York Times. The aide said that the Trump administration’s tariffs on the Asian nation would drop from 25 percent to 15 percent.
South Korea has been subject to a 25 percent import tax on automobiles, making business difficult for South Korean carmakers like Hyundai and Kia.
A sticking point between Seoul and Washington has been Trump’s push for the trading partner to directly invest $350 billion into the U.S. South Korean leaders have expressed trepidations about the demand, pushing instead for loans and loan guarantees.
Trump, who is on the final leg of his Asia trip, made the announcement standing alongside South Korean President Lee Jae Myung at the Asian-Pacific Economic Cooperation (APEC) forum in the city of Gyeongju.
Trump’s most anticipated meeting of the trip is set to take place with Chinese President Xi Jinping on Thursday. Trump struck a hopeful tone on a potential trade deal with China ahead of his meeting with Xi.
“We’re going to be, I hope, making a deal. I think we’re going to have a deal,” Trump said, speaking from South Korea. “I think it will be a good deal for both.”
He added, “The world is watching, and I think we’ll have something that’s very exciting for everybody.”
