President Trump says trade deal has been reached with South Korea
U.S. President Donald Trump said on Wednesday a trade deal had been struck with South Korea, in remarks that sent the won up against the dollar, as a compact promises to dispel uncertainty for the trade-reliant economy.
“We did, we did. We did reach a deal,” Trump said in response to a query on whether a deal was struck, ahead of a dinner hosted by South Korean President Lee Jae Myung.
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“We made our deal, pretty much finalized it,” he added later, without giving details.
The won (=KRW) was up 0.54% against the dollar by 10:01 GMT on the news.
In the absence of a deal, South Korean makers of cars and steel must pay U.S. tariffs of 25% rather than the 15% agreed in July, putting them at a disadvantage to Japanese competitors who pay 15% after Tokyo’s deal with the United States.
The Trump-Lee summit came during the U.S. president’s three-nation Asia tour that started in Malaysia with a meeting of the Association of Southeast Asian Nations.
South Korean officials said both countries remain “sharply” divided over the cash portion of a $350-billion investment package, as Seoul has sought to reduce it by boosting the share of loans and loan guarantees.
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