Two weeks after U.S. President Donald Trump and South Korea's Lee Jae Myung met and announced they had resolved months of negotiations over tariffs and security issues, the two sides have yet to release any formal agreement.
South Korean officials suggest the delay is primarily due to ongoing discussions about their request for Washington's approval to build a nuclear-powered submarine, which Lee raised publicly during his meeting with Trump at an Asia-Pacific forum in South Korea last month.
Following the meeting, officials had indicated they would soon release a factsheet detailing an agreement on security issues, including the submarine, as well as a trade deal first outlined at the initial Trump-Lee summit in July. Under that agreement, South Korea would invest hundreds of billions of dollars in U.S. projects in exchange for lower tariffs.
"Since the issue of building a nuclear-powered submarine has been raised, each of the U.S. departments seems to need some time to adjust their views," South Korea’s Defence Minister Ahn said in an interview with local broadcaster KBS on Sunday.
Washington has approved Seoul's use of nuclear fuel for the submarine, but the factsheet is taking longer to finalise as U.S. departments are still providing feedback, and the wording is undergoing adjustments, according to a senior South Korean presidential official on Friday.
The White House did not immediately respond to a request for comment.
The South Korean won weakened by as much as 0.7% on Tuesday, reaching its lowest point in seven months at 1,467.5 per dollar, driven by concerns over the delayed factsheet. Final stages
Lee's stance on building the submarine in South Korea appears to be at odds with Trump's recent remarks on social media, in which he said the submarine had been approved but would be built at a U.S. shipyard. Analysts have raised questions about the U.S.'s willingness to transfer sensitive technology.
The submarine negotiations are taking place alongside an agreement on trade. Disagreements over the structure of the investment fund had prevented any joint statements after earlier meetings between Lee and Trump.
"When it comes to tariffs, the draft can be seen as finalised and will be made public when the joint factsheet is ready for release," a trade ministry official said.
Industry Minister Kim Jung-kwan told a parliamentary hearing on Tuesday that negotiations over the joint factsheet were in their final stages, although he did not provide any details on when it would be announced.
South Korean carmaker Hyundai Motor, which saw its battery facility in Georgia raided by immigration authorities in September, is losing about 300 billion won ($211.05 million) each month due to the delayed tariff deal, which is negatively affecting its exports to the U.S. market, Kim said.
A memorandum of understanding regarding South Korea's $350 billion investment package is also ready, but it has not yet been signed, and the timing of its signing remains undecided, according to the official.
"We are waiting for that because we need it to be officially announced to take follow-up measures, such as explaining it to parliament," the trade ministry official added.
Finance ministers from the G7 and partner nations met in Washington on Monday to discuss a potential price floor for strategic rare-earth metals and w...
NATO Secretary General Mark Rutte has said allied nations are discussing “next steps” to ensure the security of the Arctic, citing concerns that R...
The U.S. has issued an urgent security notice calling all American citizens to leave Iran immediately, citing escalating protests, growing violence an...
Donald Trump said Monday that any country doing business with Iran will face a 25% U.S. tariff on all trade with the United States, with the measure t...
Real Madrid have parted ways with coach Xabi Alonso, appointing former defender Álvaro Arbeloa as his replacement....
Finance ministers from the G7 and partner nations met in Washington on Monday to discuss a potential price floor for strategic rare-earth metals and ways to secure their supply. Representatives from Australia, Mexico, South Korea and India also attended the talks.
NATO Secretary General Mark Rutte has said allied nations are discussing “next steps” to ensure the security of the Arctic, citing concerns that Russia and China could become more active in the strategically important region.
The U.S. has issued an urgent security notice calling all American citizens to leave Iran immediately, citing escalating protests, growing violence and widespread communication shutdowns across the country.
Donald Trump said Monday that any country doing business with Iran will face a 25% U.S. tariff on all trade with the United States, with the measure taking effect immediately.
Real Madrid have parted ways with coach Xabi Alonso, appointing former defender Álvaro Arbeloa as his replacement.
Timothée Chalamet won the Golden Globe for best male actor in a musical or comedy on Sunday for his role in Marty Supreme, beating strong competition in one of the night’s most closely watched categories.
Hawaii’s Kīlauea volcano is showing increased activity, with lava flowing from two summit craters and flames, smoke and ash rising from the caldera.
Bob Weir, the rhythm guitarist, songwriter and co-founder of the Grateful Dead, has died at the age of 78, his family has said.
Israel has sharply escalated its warnings to Lebanon amid rising regional tensions linked to Iran, according to a report by the Lebanese newspaper Nida Al Watan.
Finland and Sweden have called for tougher economic measures against Russia, proposing higher import duties, export restrictions, and an EU ban on Russian energy shipments.
Finance ministers from the G7 and partner nations met in Washington on Monday to discuss a potential price floor for strategic rare-earth metals and ways to secure their supply. Representatives from Australia, Mexico, South Korea and India also attended the talks.
NATO Secretary General Mark Rutte has said allied nations are discussing “next steps” to ensure the security of the Arctic, citing concerns that Russia and China could become more active in the strategically important region.
The U.S. has issued an urgent security notice calling all American citizens to leave Iran immediately, citing escalating protests, growing violence and widespread communication shutdowns across the country.
Apple will use Google’s Gemini artificial intelligence models for its revamped Siri voice assistant later this year, in a multi-year deal that strengthens the tech giants’ partnership and boosts Alphabet’s position in the race against OpenAI.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment