Trump depicts S. Korea's $350 billion investment pledge as 'up front'

U.S. President Donald Trump speaks to the press after signing an executive order on Tiktok in the Oval Office of the White House in Washington, Sept. 25. AFP-Yonhap

WASHINGTON — U.S. President Donald Trump on Thursday described South Korea's $350 billion investment commitment as "up front," although Seoul and Washington have been in negotiations to hash out details of the investment package, including how to fund it.

Trump made the remarks during a press availability as South Korea is striving to break an impasse in talks over the specifics of a July trade deal under which South Korea made the investment commitment and other pledges in return for Washington's lowering of "reciprocal" tariffs to 15 percent from 25 percent.

"As you know, in Japan, it's $550 billion. South Korea is $350 billion that's up front," he said at the White House, noting that his administration is taking in "tremendous" amounts of money thanks to his tariff policy.

South Korea and the United States have been trying to reach consensus over the details of the trade deal, including the makeup of Seoul's investment package, as well as funding and profit sharing arrangements.

Trump appears to mean that the U.S. wants an up-front payment from Korea to fulfill its investment pledge, a demand that South Korean President Lee Jae Myung has said could undermine his country's economy and lead to a crisis akin to the 1997 Asian financial meltdown.