South Korea is unable to pay $350 billion upfront in investment in the United States as President Donald Trump suggested under a deal to cut tariffs and is seeking an alternative solution, Seoul's presidential adviser said on Saturday.
Since a handshake deal by the allies' leaders in July to lower U.S. tariffs to 15% from 25%, as Trump earlier imposed, South Korea has said the $350 billion in investment would be in the form of loans and loan guarantees as well as equity.
Trump in remarks this week said South Korea would provide the investment "upfront", despite Seoul's contention that kind of outlay could plunge Asia's fourth largest economy into a financial crisis.
"The position we're talking about is not a negotiating tactic, but rather, it is objectively and realistically not a level we are able to handle," South Korea's National Security Adviser Wi Sung-lac said on Channel A News television.
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.
Last week South Korean President Lee Jae Myung told Reuters that without safeguards such as a currency swap, South Korea's economy, with foreign exchange reserves of $410 billion, would plunge into a crisis if it were made to make a massive outlay.
Donald Trump said he is “in no hurry” to reach a deal with Iran, insisting the U.S. is slowly getting what it wants. He warned military action rem...
Malta’s Prime Minister Robert Abela has secured a fourth successive election victory for his Labour Party, extending its hold on power, though with ...
Nicaraguan indigenous leader and former lawmaker Brooklyn Rivera has died in state custody at the age of 73, according to local media reports citing h...
At least 46 people, including six children, have been killed in a powerful explosion at a building used to store mining explosives in northeastern Mya...
Thousands of residents blocked Austria’s Brenner motorway on Saturday (30 May), shutting down a major north-south transport route through the Alps i...
South Korean workers manufacturing chips for Samsung Electronics are set to vote on a pay deal that could see some of them receive $416,000 in bonuses.
A government-mediated agreement has suspended an 18-day walkout by about 48,000 Samsung union members, easing fears of damage to South Korea's economy and global chip supply.
South Korea’s Samsung Electronics is facing its largest potential labour action in years, with tens of thousands of workers preparing for a prolonged strike over bonuses and profit-sharing at a time when the company is benefiting from a global artificial intelligence (AI) driven chip boom.
Samsung Electronics' union plans for 48,000 workers to walk off the job on Thursday (21 May) after efforts to clinch a deal on bonus payments fell through, threatening the health of South Korea's economy and the global supply of semiconductors.
U.S. rapper Kanye West, now known as Ye, performed to a crowd of 118,000 people in Istanbul on Saturday night, marking his first concert in Europe in more than a decade, despite being barred from performing in several countries over past antisemitic remarks.
Iranian-made Yassin missiles were spotted mounted on Armenian Air Force fighter aircraft during Armenia's latest military parade on Thursday (28 May), drawing attention from defence observers and regional analysts.
The Philippines remains under a "severe threat" from China despite recent efforts by Washington and Beijing to ease tensions, Philippine Defence Secretary Gilberto Teodoro said on Saturday (30 May).
Thai rescuers say five people have been pulled alive from a flooded cave in remote Laos, where seven villagers became trapped after heavy rain cut off access underground.
Russia has recalled its ambassador to Armenia for consultations, citing Yerevan's growing rapprochement with the European Union. The move is seen as the latest sign of deteriorating relations between the longtime allies ahead of Armenia's parliamentary election on 7 June.
Malta’s Prime Minister Robert Abela has secured a fourth successive election victory for his Labour Party, extending its hold on power, though with a reduced majority compared with previous polls.
Nicaraguan indigenous leader and former lawmaker Brooklyn Rivera has died in state custody at the age of 73, according to local media reports citing his family.
At least 46 people, including six children, have been killed in a powerful explosion at a building used to store mining explosives in northeastern Myanmar, according to local media reports.
South Africa's preparations for the 2026 FIFA World Cup have suffered an unexpected setback after the national team failed to depart for Mexico as scheduled on Sunday (31 May) because some players and officials had not yet received their visas.
Five people have died after a mine shaft collapsed during an illegal mining operation in southwestern China, state media reported on Sunday (31 May), just days after the country's deadliest mining disaster in more than a decade claimed at least 82 lives.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment