South Korea to invest $350 billion in US industries in exchange for reduced tariffs
US President Donald Trump signed another deal on his swing through Asia, this time with South Korea's leader Lee Jae-myung.
South Korea pledged to invest $350 billion in US industries, $20 billion per year, to receive a tariff reduction on South Korean exports to the US from 25% to 15%.
These agreements will be incredible victories for all of us, because everyone is better off when we have stable partnerships not plagued by chronic problems and imbalances.
US President, Donald J Trump
Trump had initially demanded all the cash up front, stipulating that US officials would decide on the destination of investment.
South Korea gained significant input and restrictions on the terms of the deal.
In opening the APEC summit of regional leaders, President Lee called for open markets.
With protectionism and nationalism on the rise we are in an era where immediate survival is a pressing concern, and terms like cooperation, coexistence, and, inclusive growth, may sound empty.
Nevertheless, it is precisely in such a crisis that the role of APEC as a platform for solidarity will shine even more brightly.
South Korean President, Lee Jae-myung
Protesters outside the summit reflected the 80% of the South Korean public that are opposed to the $350 billion investment in the US.
We oppose APEC, which serves as Trump's ally, and we cannot afford to watch Trump's economic warfare unfold smoothly any longer.
So we have taken action.
We have taken action for democracy, not just for the Korean people, but also for the international community.
Kim Jong-Min, Activist
South Korea also earned a safeguard or opt-out clause.
The announcement of an agreement between the US and South Korea on tariffs and investment took many Koreans by surprise.
Trump has concluded deals with several countries. The big one now remains China, and it is expected that those negotiations will take more time.
Trump's tariffs had faced retaliation from Beijing, but still, Trump said he's going to have a good deal with China.
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