South Korea’s national security advisor stated on Monday that the country cannot meet the United States’ demand for a $350 billion cash investment to reduce tariffs on South Korean exports from 25% to 15%.
The security advisor said at a press conference: “From our perspective, it is impossible to pay $350 billion in cash.” He acknowledged that it remains unclear whether the U.S. President has the opportunity to seriously consider South Korea’s position on this matter. The security advisor also stated that he believes South Korea should “play all available cards” to negotiate an agreement, while noting that “we cannot overuse them.”
Previous reports indicated that the U.S. Secretary of Commerce was seeking to increase South Korea’s investment commitment from $350 billion to approximately $550 billion. Meanwhile, the President stated that he “wouldn’t mind” renegotiating the trade agreement between the United States and South Korea.