Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
All eyes on Trump's appearance at APEC CEO Summit
President Lee Jae Myung, left, smiles as he talks with U.S. President Donald Trump during their first summit at the Oval Office in the White House, Washington, D.C., Aug. 25 (local time). Yonhap
By Lee Min-hyung
Korea, US unlikely to clinch final trade deal during APEC
The upcoming Asia-Pacific Economic Cooperation (APEC) CEO Summit will be a pivotal moment for global business leaders, as U.S. President Donald Trump is set to deliver a keynote speech and unveil his updated viewpoint on the investment landscape in the world’s largest economy.
According to the White House, Trump’s keynote address is slated for Oct. 29, during the APEC CEO luncheon in Gyeongju, North Gyeongsang Province. Hundreds of global business leaders will attend the event, paying particular attention to any hints on how to navigate uncertainties in U.S. trade policies.
The specific theme of the speech has yet to be confirmed, but Trump is widely expected to remark on the need for global firms to expand their U.S. investment.
Korea, the host economy for the event, has been engaged in a monthslong trade tug-of-war with the U.S. as the two countries work towards a final tariff agreement.
As Korean business leaders gather for the upcoming meeting, expectations are that Trump will use the speech to justify U.S. trade demands. The U.S. is urging Korea to make direct, up-front investments worth $350 billion (503 trillion won) in the world’s largest economy, part of a broad tariff deal reached in July.
All eyes are also on whether Trump will update or modify his approach on U.S. trade policy during his keynote speech, a topic expected to draw keen attention from the global business leaders gathered in Gyeongju.
Leaders of Korea’s top conglomerates, including Samsung, SK, LG and Hyundai Motor, will pay close attention to Trump’s upcoming remarks, since his words can have a critical impact on their global business strategies.
Past APEC events have concluded with a joint statement underscoring the importance of free trade. In the past four years, all statements have included references to a “rules-based multilateral trading system.” Attention is now focused on what remarks President Trump will make, given his protectionist policies that have caused upheaval in the global economic order.
Kim Yong-beom, left, the presidential chief of staff for policy, speaks at Incheon International Airport after returning home from a trip to the U.S., Friday. Yonhap
Seoul would like to reach a settlement with Washington as soon as possible, and there were hopes that one would be reached before the APEC summit begins next week. However, it now appears that a detailed agreement will require more time, according to a senior official from President Lee’s office.
Korea and the U.S. reached a framework tariff agreement on July 30, but problems have emerged while fine-tuning the details of the deal.
“When it comes to the possibility of a potential Korea-U.S. trade deal during the APEC summit, I would say there is a long way to go,” Kim Yong-beom, presidential chief of staff for policy, told reporters after returning from his latest business trip to the U.S., Friday.
Kim said the countries have narrowed their differences in most areas, but some agenda items remain contentious. He also left open the possibility of a sudden breakthrough resulting in a deal.
“As negotiations often make fast progress at the very last moment, we will continue to do the utmost until the end,” he said.
Industry Minister Kim Jung-kwan, who accompanied the presidential chief of staff during his U.S. visit, also spoke with caution.
“Korea still has a few agendas to discuss with the U.S., and we are standing at a very pivotal moment in the ongoing trade talks,” Kim said.
Their latest remarks reduced the possibility of the two countries reaching a final agreement on the sidelines of the upcoming summit between President Lee Jae Myung and Trump on Wednesday.