South Korean President Warns US Trade Demands Could Trigger Financial Crisis
By
rbanffy
Crisp on the outside, thoughtful on the inside. A keeper.
Summary
South Korean President Lee Jae Myung warns that accepting current U.S. demands in stalled trade talks without safeguards could trigger a financial crisis comparable to the 1997 Asian financial crisis. The verbal agreement from July would see the U.S. lower tariffs on South Korean goods in exchange for $350 billion in investments from South Korea, but disputes over investment handling have prevented a formal agreement. Lee emphasizes the need for peaceful coexistence and safeguards to protect South Korea's economy.
Key quotes
· 4 pulledSouth Korea's economy could fall into crisis rivalling its 1997 meltdown if the government accepts current U.S. demands in stalled trade talks without safeguards
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
They have yet to put the agreement to paper because of disputes over how the investments would be handled
We must find a way for peaceful coexistence
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