South Korea and U.S. Near Breakthrough in Security and Tariff Negotiations
South Korean Foreign Minister Cho Hyun disclosed that South Korea and the U.S. have reached a provisional security agreement, with tariff talks ongoing. Discussions include a currency swap and an increased defense budget. The U.S. previously agreed to lower tariffs in return for a South Korean investment package.
South Korea's Foreign Minister, Cho Hyun, announced significant progress in security negotiations with the United States, despite the ongoing challenges of tariff talks, according to Yonhap news agency. This comes as the U.S. reviews a critical currency swap deal requested by South Korea.
Although Washington agreed to reduce tariffs in exchange for a $350 billion South Korean investment, further discussions to finalize the arrangement have stalled. The ongoing talks also cover security measures, including increased South Korean defense spending, which aligns with President Trump's call for Seoul to shoulder more defense costs.
South Korean President Lee Jae Myung recently pledged an 8.2% budget increase in defense, underscoring the country's commitment to enhancing its military capabilities. Amid these developments, there is speculation about a potential meeting between U.S. President Trump and North Korean leader Kim Jong Un, who has shown willingness for dialogue with the U.S.
(With inputs from agencies.)
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