SEOUL, November 5 (AJP) - Doubts are deepening as South Korea and the U.S. are still fine-tuning a memorandum of understanding (MOU) for their recent tariff-related deal, which was finalized on the sidelines of last week's Asia-Pacific Economic Cooperation (APEC) summit in the southeastern city of Gyeongju.
Shortly after President Lee Jae Myung's summit with his U.S. counterpart Donald Trump, the two leaders said they had resolved the remaining contentious issues, after the two sides initially agreed last July to reduce reciprocal tariffs from 25 percent to 15 percent in return for massive investment in the U.S.
Presidential spokesperson Kang Hoon-sik said earlier this week that the two sides were expected to soon sign an official document for the newly agreed deal and release a joint fact sheet detailing Seoul's pledge to invest $350 billion in the U.S. as part of a broader deal. But it has been delayed again and again.
According to multiple government sources, disagreements appear to remain over the deal’s specific terms and timelines in addition to further market openings for agricultural products and semiconductor-related tariffs.
Deputy Prime Minister and Finance Minister Koo Yun-cheol said in a TV program on Wednesday, "Once security-related matters in the deal are finalized, we will be able to sign."
His comments suggest that Trump's proposal to build nuclear-powered submarines at a shipyard in Philadelphia is also creating another delay, as the facility lacks relevant infrastructure and capabilities, making it unfeasible in the near future.
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