Seoul cannot pay $350 billion to US for tariff deal

South Korea cannot pay $350 billion to the US under the tariff deal that President Donald Trump proposed, writes The Indian Express, quoted by FOKUS.

In July, South Korea and the US reached an agreement to reduce tariffs on South Korean goods from 25% to 15%. At that time, Seoul pledged $350 billion in investment for American projects.

Trump announced this week that South Korea will provide the money "in advance".

"The position that we are talking about is not a negotiating tactic, but rather, objectively and realistically, it is not a level that we can handle. We are not in a position to pay $350 billion in cash" explained South Korea's national security adviser, Wi Seong-lak.

South Korean President Lee Jae-myeon also said last week that such a payment could destabilize the country's economy.

However, Seoul and Washington are expected to reach an agreement during the Asia-Pacific Economic Cooperation (APEC) summit, which South Korea will host next month and which the US president is expected to attend.