South Korean President Warns U.S. Investment Demands Could Trigger Financial Crisis
By
donsupreme
Right out the toaster. Reliable, with some real depth.
Summary
South Korean President Lee Jae Myung warns that accepting current U.S. investment demands in trade talks without safeguards could trigger a financial crisis comparable to the country's 1997 economic meltdown. The stalled trade agreement involves the U.S. lowering tariffs on South Korean goods in exchange for $350 billion in investments from South Korea, but disputes over how these investments would be handled have prevented a formal agreement. Lee emphasizes the need for a currency swap arrangement to prevent economic instability.
Key quotes
· 3 pulledSouth Korea's economy could fall into crises rivaling its 1997 meltdown if the government accepts current U.S. demands in stalled trade talks without safeguards
Without a currency swap, if we were to withdraw $350 billion
Seoul and Washington verbally agreed to a trade deal in July in which the U.S. would lower President Donald Trump's tariffs on South Korean goods in exchange for $350 billion in investment from South Korea
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