ISTANBUL
US Treasury Secretary Scott Bessent said Monday a trade deal with South Korea will not be finalized during President Donald Trump’s visit this week, citing the agreement’s complexity.
“Just a lot of details to work out, very complicated deal, and I think we’re very close,” Bessent told reporters aboard Air Force One while traveling from Malaysia to Japan.
Asked whether he expects the deal would be completed Wednesday, Bessent said: “Not quite, but I think the overall framework is done.”
“We’re just getting the crossing that’s, dotting the i’s,” he said, emphasizing that they attach great importance to every small detail in a task.
In July, Trump agreed to reduce duties on imports of South Korean products to 15%, down from 25%, in return for Seoul investing $350 billion in the US.
Deal components
US trade representative Jamieson Greer outlined multiple parts to the agreement, including national security-related issues and trade matters where South Korea has maintained non-tariff barriers against the US.
“We’ve resolved a lot of those,” Greer said, adding that another piece of the deal involves future investment.
“The Koreans have a great plan to invest in US shipbuilding even more than they’ve already done,” Greer said, noting current discussions focus on implementing Korean investment “in the best way.”
Trump emphasized shipbuilding’s importance, saying: “We’re very much involved in getting the shipbuilding again … We were number one. We’ll be either number one or right up.”
Trump will meet South Korean President Lee Jae Myung on Wednesday in Busan during the Asia-Pacific Economic Cooperation Summit.