US President Donald Trump met with South Korean President Lee Jae Myung in the city of Gyeongju on Wednesday – the latest stop on his Asia tour aimed at securing new investment deals.
“The Republic of Korea is a dear American friend and a close ally. And as we can see in this beautiful city, it is truly one of the most remarkable countries in the world,” Trump said ahead of the meeting at the Asia-Pacific Economic Cooperation (APEC) CEO Summit, adding that the president of South Korea “is a great person.”
During their bilateral meeting, Lee asked Trump to consider giving South Korea access to fuel for conventionally armed, nuclear-powered submarines — a long-standing restriction under a U.S. nonproliferation agreement.
Trump’s previous stops on his trip included visits to Malaysia and Japan.
After his visit to Japan yielded about $490 billion in investment commitments, Trump said a trade deal with South Korea has proven more challenging as he seeks another $350 billion in U.S. investment. Trump predicted that total new investment could exceed $22 trillion in investment by the end of his first year in the White House.
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US President Donald Trump and South Korean President Lee Jae Myung attend an honorary ceremony at the Gyeongju National Museum in Gyoeongju, South Korea. (AP)
“I think by the end of the first year of my second term, we’ll probably be at $20 or $21, maybe even $22 trillion of investments in our country,” the president said. “And we had a hugely successful first term. We had the strongest economy in the history of our country, the strongest we’ve ever had. But this, I think, blows the whole thing away. We have great policies. There are some really good things happening.”
“Around the world, we are signing one trade deal after another to balance our relationships based on reciprocity,” Trump added. “I have signed landmark agreements with Malaysia, Cambodia and Japan, and our deal with the Republic of Korea will be finalized very soon. These agreements will be incredible victories for all of us, because everyone is better off when we have stable partnerships that are not plagued by chronic problems and imbalances.”
In his address to business leaders at the event, Trump described an “economic revolution” underway in the United States. The president urged executives not to listen to “little minds without vision” who vowed to “build, trade, flourish and prosper together.”
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US President Donald Trump shakes hands with South Korean President Lee Jae Myung while attending an honorary ceremony at the Gyeongju National Museum in Gyoeongju, South Korea. (AP)
Trump later received South Korea’s Grand Order of Mugunghwa – the country’s highest honor – along with a replica of a royal crown from the ancient Silla Kingdom, symbolizing Seoul’s recognition of its past diplomatic efforts.
Trump’s visit coincided with new tensions on the Korean Peninsula after North Korea said it had fired sea-to-surface cruise missiles off its west coast.
“He’s been launching rockets for decades, right?” Trump said about North Korean leader Kim Jong-un.
Trump reiterated his willingness to meet with the North’s leader, saying: “We had a very good understanding of each other.”
US President Donald Trump waves after his speech at the Asia-Pacific Economic Cooperation CEO Summit in Gyeongju, South Korea. (AP)
In a separate speech, the South Korean leader warned of rising protectionism and urged global trade cooperation – a message that contrasted with Trump’s America First talk.
Trump also previewed his upcoming meeting with Chinese President Xi Jinping.
“You know President Xi of China is coming here tomorrow, and I hope we’ll make a deal,” Trump said. “I think we’re going to make a deal. I think it will be a good deal for both of them. And that’s a really great result.”
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“That’s better than fighting and having all kinds of problems. And you know, there’s no reason for that,” he added.
The Associated Press contributed to this report.
