Overview

• Seoul officials said no joint statement or fact sheet emerged from the meeting, underscoring slow progress despite public displays of goodwill.
• The tariff framework touted at 15% remains unsigned a month after its announcement, with cuts on autos and chip levies still unsettled and industry uncertainty rising.
• A proposed $350 billion South Korean investment fund is unresolved, as Seoul seeks tighter limits on loans and equity and a non-binding approach while U.S. officials push for greater discretion, according to reports.
• Defense burdens and basing terms remain contentious after President Trump floated U.S. ownership of base land, a notion South Korea’s defense minister dismissed as unrealistic.
• Lee cast Trump as a potential mediator with North Korea, yet South Korean aides described the negotiations overall as “very difficult” because trade, investment and security issues are tightly interlinked.