“We made our agreement, we practically finalized it,” he added, without giving details; won advanced against the dollar
US President Donald Trump said on Wednesday that a trade deal had been reached with South Korea, in comments that sent the won rising against the dollar as a pact promises to dispel uncertainty for the trade-dependent economy.
“We did it, we did it. We reached an agreement,” Trump said in response to a question about whether a deal had been reached, before a dinner hosted by South Korean President Lee Jae Myung.
“We made our deal, we practically finalized it,” he added later, without giving details.
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The won rose 0.54% against the dollar on the news.
In the absence of a deal, South Korean car and steel makers would have to pay tariffs of 25% instead of the 15% agreed in July, putting them at a disadvantage compared to Japanese competitors who pay 15% following Tokyo’s agreement with the United States.
The Trump-Lee summit took place during the US president’s three-country Asian tour, which began in Malaysia with a meeting of the Association of Southeast Asian Nations.
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South Korean officials said the two countries remained “strongly” divided over the cash portion of a $350 billion investment package, as Seoul sought to reduce it by increasing the share of loans and loan guarantees.
