Gyeongju (South Korea) (AFP) – US President Donald Trump voiced optimism Wednesday on the eve of crunch trade talks with China’s Xi Jinping, while also announcing that a deal with South Korea was “pretty much” finalized. Agreeing to a truce in the US-China trade war in the meeting with Xi on Thursday in South Korea would mark a fitting grand finale to Trump’s Asia tour, which has been characterized by praise, pomp, and presents.
However, a new meeting between Trump and North Korean leader Kim Jong Un at the close of the marathon voyage looked unlikely, with the US president stating that “timing” didn’t work out. Beijing announced that the talks between Xi and Trump would take place in South Korea’s Busan, with the US leader telling reporters, “a lot of problems are going to be solved” at the “great meeting”. Global markets will focus on the outcome to determine whether Trump and Xi can draw a line under a tussle that has snarled supply chains and unsettled businesses worldwide.
Negotiators from both sides have confirmed that a “framework” has been agreed leading up to Trump and Xi’s first face-to-face meeting during the US president’s second term. Foreign ministry spokesman Guo Jiakun stated, “We are willing to work together with the US side to ensure that this meeting yields positive outcomes, provides new guidance, and injects new momentum into the stable development of China-US relations.” Trump indicated that the agreement would include lowering 20 percent tariffs on Chinese goods related to fentanyl, which has killed tens of thousands of Americans. Other burning issues include Chinese imports of US soybeans, export controls on rare earths, semiconductors for artificial intelligence, and the fate of TikTok.
Trump’s three-country Asia tour has seen Malaysia, Japan, and South Korea showering the US president with praise and gifts. New Japanese premier Sanae Takaichi expressed her intention to nominate Trump for the Nobel Peace Prize and presented him with a putter owned by assassinated ex-leader Shinzo Abe, who was a close friend of the US president, along with a gold-plated golf ball. Not to be outdone, the US leader disembarked in South Korea amidst the strains of the 1970s disco anthem and Trump rally standard “Y.M.C.A.”, played by a military band.
President Lee Jae Myung, sporting a golden tie, conferred upon Trump South Korea’s highest order and presented him with a replica of an ancient golden crown. “It’s a great honour,” the US president said of the award. “I’d like to wear it right now.” South Korea’s presidential office stated that Wednesday’s state dinner for the APEC summit in Gyeongju would feature a golden citrus dessert and a gold-adorned brownie. In July, Trump announced that Washington had agreed to cut tariffs on South Korean imports to 15 percent in exchange for a $350-billion investment pledge. Steep auto tariffs had remained in place, and the two governments were still divided over the structure of the investment pledge, but Trump said at the APEC dinner that the deal had been “reached” before appearing to walk back to say that it was “pretty much” finalized.
South Korean presidential aide Kim Yong-beom commented that the two sides had “reached an agreement on the details of the tariff negotiations.” He added, “South Korea’s financial investment package for the United States, worth $350 billion, consists of $200 billion in cash investment and $150 billion in shipbuilding cooperation.” Kim also stated they had agreed to maintain reciprocal tariffs at 15 percent and cut auto tariffs to 15 percent.
Meanwhile, North Korea announced hours before Trump’s arrival that it had test-launched sea-to-surface cruise missiles in a show of strength against Pyongyang’s “enemies”. Trump had extended an invitation to North Korea’s Kim to meet while the US leader was on the peninsula, but he indicated on Wednesday that it would not take place this time around. He expressed that he expected to meet with Kim in the “not too distant future.” Trump added he aimed to “straighten out” tensions between North Korea and South Korea, which technically remain at war.
Trump and Kim last met in 2019 at the Demilitarised Zone (DMZ), the fraught Cold War frontier that has separated North and South Korea for decades. Kim has since been emboldened with crucial backing from Russia after sending thousands of North Korean troops to fight alongside Moscow’s forces. Gi-Wook Shin, a Korea expert and sociology professor at Stanford University, told AFP that Kim would likely seek to “maximize his leverage with Trump.” “Still, a future meeting remains possible, as Kim likely sees Trump as his best chance to secure the kind of deal he wants, including recognition as a nuclear state,” Shin said.
© 2024 AFP
