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5h ago

U.S. Says South Korea Trade Deal Near, Expects Announcement Within 10 Days

A fresh U.S. proposal on implementation has unlocked progress on how Seoul will structure its US$350 billion pledge.

File Photo: KIA Motors' vehicles are parked to be exported, at a port in Pyeongtaek, South Korea, July 31, 2025. REUTERS/Kim Hong-Ji/File Photo
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U.S. Treasury Secretary Scott Bessent speaks as he and U.S. Trade Representative Jamieson Greer hold a press conference on the sidelines of the IMF and World Bank annual meetings in Washington, D.C., on Oct. 15, 2025, in this photo released by Reuters. (Yonhap)
U.S. President Donald Trump speaks during a press conference in the Oval Office of the White House in Washington on Oct. 15, 2025, in this photo released by EPA. (Pool photo) (Yonhap)

Overview

  • U.S. Treasury Secretary Scott Bessent said negotiations are close to completion and signaled an announcement within roughly 10 days as teams meet in Washington during IMF and World Bank events.
  • Seoul’s top policy adviser Kim Yong-beom said talks made “meaningful progress” after U.S. negotiators offered a new approach to executing the investment package.
  • Key unresolved issues include the financing mix for the US$350 billion commitment—cash versus loans and guarantees with limited equity—profit-sharing and investment control, and financial backstops.
  • South Korea continues to seek a currency swap facility as a safeguard against FX risk; Bessent noted such decisions rest with the Federal Reserve and said he was surprised Korea lacks one.
  • Senior Korean officials, including Finance Minister Koo Yun-cheol and Industry Minister Kim Jung-kwan, are in Washington for meetings with Bessent and Commerce Secretary Howard Lutnick as both sides target a conclusion by the APEC summit, while President Trump separately claimed an upfront payment was already signed.