South Korea’s Trade Minister Yeo Han-koo said Friday that there is no written agreement yet on the trade deal announced by U.S. President Donald Trump earlier this week, despite public claims of progress and reduced tariffs.
Speaking to reporters upon his return from Washington, Yeo said the agreement was verbal only, due to tight time constraints during the talks, News.Az reports, citing Reuters.
“What we felt during this negotiation is that the U.S. trade environment is fundamentally changing. This is completely different from the first Trump term,” Yeo said. “We are entering a new normal era.”
Trump stated Wednesday that the U.S. tariff on South Korean imports would be lowered to 15% from a previously threatened 25%, but details have been scarce. The White House has not yet released an official factsheet — unlike similar agreements reached this week with Japan and the European Union.
Trump also claimed that South Korea would invest $350 billion in the U.S., in projects “owned and controlled by the United States” and personally selected by him. However, South Korean officials say key details remain unresolved, especially regarding how investment profits will be handled.
Commerce Secretary Howard Lutnick said 90% of the profits would benefit the American people.
White House Press Secretary Karoline Leavitt later said profits would go to the U.S. government to help repay debt.
South Korea’s Industry Minister Kim Jung-kwan and Finance Minister Koo Yun-cheol, also part of the negotiation team, confirmed that further discussions are needed to finalize the investment structure and implementation plan.
The deal does not cover non-tariff barriers, nor does it address concerns related to security cooperation or foreign exchange policy — issues that were part of working-level discussions.
Meanwhile, foreign exchange markets have reacted sharply to the uncertainty surrounding new U.S. tariffs, adding to global investor anxiety.