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.
AnewZ's Orkhan Amashov reports from Munich as the three-day Munich Security Conference kicked off on Friday (13 February), bringing together world lea...
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Australia’s move to ban social media access for children under 16 has intensified a global debate, as governments around the world weigh tougher rules amid growing concerns over mental health, safety and screen addiction.
U.S. President Donald Trump is set to announce a multi-billion dollar reconstruction plan for Gaza at the first formal meeting of his Board of Peace next week, Reuters reports.
U.S. President Donald Trump said Israeli President Isaac Herzog is “disgraceful” for not granting a pardon to Prime Minister Benjamin Netanyahu, adding that he “should be ashamed of himself”.
The administration of U.S. President Donald Trump on Thursday (12 February) announced the repeal of a scientific finding that greenhouse gas emissions endanger human health, and eliminated federal tailpipe emissions standards for cars and trucks.
Europe heads into the Munich Security Conference, on Friday (13 February), amid deepening unease over U.S. policy, as President Donald Trump’s hard-line stance on defence, trade and territory fuels doubts about Washington’s long-term commitment to transatlantic security.
James Van Der Beek, who rose to fame as Dawson Leery in the hit teen drama Dawson’s Creek, has died aged 48 following a battle with stage 3 colorectal cancer.
Türkiye and Greece signalled renewed political will to ease long-standing tensions during high-level talks in Ankara on Wednesday (11 February). Maritime borders, migration and trade topped the agenda as both leaders struck a cautiously optimistic tone.
Stalled U.S.–Iran talks and mounting regional tensions are exposing a growing strategic rift between Washington and Tel Aviv over how to confront Tehran, political analyst James M. Dorsey says, exposing stark differences in approach at a critical moment.
BMW is recalling a mid six figure number of vehicles worldwide after identifying a potential fire risk linked to the starter motor.
As Cuba’s government prepares for American aggression, residents say economic hardship worries them more than the threat of war. Tensions between Cuba and the U.S. have escalated sharply this year, as Washington steps up sanctions and threatens regime change.
Europe needs to develop global partnerships with key nations to tackle global problems together, chancellor tells Munich Security Conference
AnewZ's Orkhan Amashov reports from Munich as the three-day Munich Security Conference kicked off on Friday (13 February), bringing together world leaders, diplomats, and policy makers to discuss pressing global security challenges.
Dubai-based global ports operator DP World said on Friday that its long-serving chairman and chief executive, Sultan Ahmed Bin Sulayem, has stepped down following mounting pressure linked to alleged ties to disgraced financier Jeffrey Epstein.
A SpaceX Falcon 9 rocket launched early on Friday, 13 February, from Cape Canaveral, Florida, carrying four astronauts and cosmonauts on an eight-month mission to the International Space Station (ISS). The Crew-12 team includes two Americans, a French astronaut and a Russian cosmonaut.
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