The upcoming summit, expected to be held in about two weeks, comes after South Korea agreed with the U.S. to lower reciprocal tariffs from 25 percent to 15 percent, in return for massive investment and wider market opening.
After intensive monthlong negotiations that went down to the wire before the Aug. 1 deadline set by Trump, South Korean trade officials, led by Finance Minister Koo Yun-cheol, pledged to invest a massive US$350 billion in the U.S. including $150 billion in the shipbuilding industry and $200 billion in the semiconductor and biotechnology sectors, under what Trump called a "full and complete" trade deal.
South Korea also promised to purchase $100 billion worth of liquefied natural gas and other energy products from the U.S.
The 15 percent reciprocal tariffs are equivalent to those of Japan and Europe, which recently concluded their trade talks with the U.S., although Seoul was unable to secure further reductions in the rate for automobiles to remain competitive in the global market.
But Trump said on his social media platform Truth Social, "This sum will be announced within the next two weeks when [Lee] comes to the White House for a Bilateral Meeting," suggesting possible adjustments to the deal.
Further details of the tariff deal are also expected to be discussed and disclosed at the summit.
Lee is likely to visit Washington in mid-August, more than two months after taking office in early June. His trip will probably take place before or after a large-scale ceremony in Gwanghwamun, central Seoul, which is planned to be held in coincidence with the Aug. 15 Liberation Day, celebrating his inauguration following the previous low-key ceremony on June 4.
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