Seoul awaits US response on revised investment deal: presidential office

Presidential spokesperson Kang Yu-jung speaks during a briefing at the presidential office in Yongsan, Seoul, Thursday. Yonhap

The presidential office said Thursday it is awaiting a response from Washington after proposing a revised plan for managing a $350 billion investment fund.

Presidential spokesperson Kang Yu-jung confirmed during a briefing that the revised proposal for the memorandum of understanding had been sent to the U.S. government.

Her comments followed an earlier interview in which Kim Yong-beom, the presidential chief of staff for policy, first mentioned the submission of the revised plan to local media.

"We are in the midst of negotiations, so I can't discuss the details," Kang said, adding that Seoul has "various scenarios in mind" and is working to "devise a plan to benefit both countries."

In a trade deal signed in July, Seoul pledged to invest $350 billion in the United States. In exchange, Washington agreed to lower a proposed reciprocal tariff on Korea from 25 to 15 percent, and slash its tariff on Korean autos from 25 to 15 percent.