South Korea cannot pay 350 billion dollars in cash under the trade agreement
A senior official said that South Korea would not provide 350 billion dollars of cash to the US as suggested by Washington under an agreement for lower tariffs.
National Security Advisor Wi Sung-Lac, on Saturday evening on a channel A News Television interview, “Our location is not negotiation tactic,” he said. “It is not a level that we can manage objectively and realisticly,” he added. “We can’t pay 350 billion dollars in cash.”
Seoul and Washington accepted In July, an investment commitment of $ 350 billion as part of a wider trade agreement to reduce US tariffs from 25% to 15%, but the two sides are divided on how to structure.
Read more: USA, South Korea is not over 350 billion dollars of investment funds
South Korean officials are looking for a loan and bilateral money exchange regulation with the US to soften the economic impact and represents more than 80% of the external reserves of the total.
US Trade Secretary Howard Lotnick told South Korean officials that Washington preferred cash investment instead of loans. President Donald Trump lately defined “Ahead” contribution.
WI, the government’s two leaders next month at the Apec Summit in Gyeongju alternatives and hopes of progress, he said.
Separately, Korean Finance Minister Koo Yun-Cheol told journalists that he had interviewed the US with the exchange rate and will soon explain the details, and that the discussions were separate from the money exchange negotiations.
