U.S. President Donald Trump insisted that South Korea would provide billions of dollars in investments "upfront", despite Seoul's contention that it would be plunged into a financial crisis if it met the U.S. demands without safeguards.
A government official told that Trump’s remarks conflict with South Korea’s view of the trade deal.
"We have never thought about making the investments in lump sum," the South Korean official said, adding that both South Korea and Japan intended to provide financing for projects only after a "capital call" made by the United States.
South Korea, which pledged $350 billion toward U.S. projects in July, has balked at U.S. demands for control over the funds and South Korean officials say talks to formalise their trade deal are at a deadlock.
Trump formalised a trade deal with Japan this month, lowering tariffs on its automobiles and other products in return for $550 billion of investment in U.S. projects.
Both Japan and South Korea have said they will make investments based on U.S. projects, rather than paying the total of $900 billion upfront.
A memorandum of understanding on Japan's $550 billion investment agreed with the United States in September also made no mention of "upfront" payment of the funds.
It says the investments should be made 'from time to time' until the end of Trump's term in January 2029. Under its deal, Tokyo agreed to transfer money within 45 days after the U.S. selected a project.
Japanese officials did not comment on Trump's "upfront" remarks on Friday.
A second South Korean government official declined to comment on Trump's remarks, but reiterated that talks with the United States were based on the principle that the deal should meet national interests and be commercially feasible.
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A London court has handed down lengthy sentences to activists from campaign group Palestine Action, who raided an Israeli-owned arms company in the UK.
Sierra Leone’s First Lady, Fatima Jabbe-Bio, has lost her London social housing flat after a UK council seized it.
SpaceX made a historic entrance into the Nasdaq on Friday, surging over 20% in its first day of trading and lifting its valuation to more than $2 trillion. Investors flocked to the world’s largest IPO, betting on Elon Musk’s sprawling empire spanning rockets, AI and beyond.
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