AsianFin -- U.S. President Donald Trump said Thursday that South Korea would provide billions of dollars in investments “upfront,” despite Seoul’s warnings that meeting Washington’s demands without safeguards could trigger a financial crisis.
South Korea pledged $350 billion for U.S. projects in July, but has resisted U.S. calls for control over the funds, with officials saying trade talks remain deadlocked.
Earlier this month, Trump finalized a trade deal with Japan, which lowered tariffs on Japanese automobiles and other goods in exchange for $550 billion in Japanese investment in U.S. projects. U.S. officials have since pressed Seoul to follow suit.
“In Japan it’s $550 billion, South Korea’s $350 billion. That’s upfront,” Trump told reporters in the Oval Office, touting the revenues generated by his tariff policies.