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US President Donald Trump met with South Korean President Lee Jae Myung in the city of Gyeongju on Wednesday – the final stop on his Asia tour aimed at securing new investment deals.
“The Republic of Korea is a dear American friend and close ally. And as we can see in this beautiful city, it is truly one of the most remarkable countries on Earth,” Trump said ahead of the meeting at the Asia-Pacific Economic Cooperation (APEC) CEO summit. He said the South Korean president is “a wonderful person.”
During their bilateral meeting, Lee asked Trump to consider allowing South Korea to use the fuel for conventionally armed, nuclear-powered submarines – a long-standing ban under the US nonproliferation agreement.
Trump’s previous stops during his trip included visits to Malaysia and Japan.
After his visit to Japan brought in nearly $490 billion in investment commitments, Trump said the trade deal with South Korea has proven more challenging as he wants an additional $350 billion in U.S. investment. Trump predicted that total new investment could top $22 trillion by the end of his first year in the White House.
Trump’s focus on Japan and South Korea as Asia tour continues
US President Donald Trump and South Korean President Lee Jae-Myung attend a high honor ceremony at the Gyeongju National Museum in Gyeongju, South Korea. (AP)
“I think by the end of the first year of my second term the number of investments coming into our country will probably reach 20 or 21, maybe $22 trillion,” the president said. “And our first term was extremely successful. Our economy was the strongest in the history of our country, the strongest it’s ever been. But I think this is overshadowing it. Our policy is great. We have some very good things happening.”
“Around the world, we are signing one trade deal after another to balance our relationships on the basis of reciprocity,” Trump said. “I have signed unprecedented agreements with Malaysia, Cambodia, Japan and our agreement with the Republic of Korea will soon be finalized. These agreements will be incredible wins for all of us, because when we have a stable partnership that is not plagued by chronic problems and imbalances, everyone is better off.”
Speaking to business executives at the event, Trump described an “economic revolution” underway in the United States. The President urged officials not to listen to “small minds with no vision” and promised to “build, trade, prosper and grow together.”
Trump announces meeting with Xi Jinping at next month’s South Korea APEC summit
US President Donald Trump shakes hands with South Korean President Lee Jae Myung as they attend a high honor ceremony at the Gyeongju National Museum in Gyeongju, South Korea. (AP)
Trump later received South Korea’s Grand Order of Mugunghwa – the country’s highest honor – and a replica of the royal crown of the ancient Silla Kingdom, symbolizing Seoul’s recognition of his prior diplomatic efforts.
Trump’s visit coincided with new tensions on the Korean Peninsula after North Korea said it fired sea-to-surface cruise missiles off its west coast.
“He’s been launching missiles for decades, hasn’t he?” Trump said about North Korean leader Kim Jong Un.
Trump reiterated his desire to meet the North Korean leader, saying, “We had a very good understanding of each other.”
US President Donald Trump waves after speaking at the Asia-Pacific Economic Cooperation CEO summit in Gyeongju, South Korea. (AP)
In a separate speech, South Korea’s leader warned against rising protectionism, urging global cooperation on trade – a message that contrasted with Trump’s America First pitch.
Trump also previewed his upcoming meeting with Chinese President Xi Jinping.
“You know President Xi of China is coming here tomorrow and I hope we’re going to make a deal,” Trump said. “I think we’re going to reach an agreement. I think it’s going to be a good deal for both of us. And it’s a really good outcome.”
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He said, “It’s better than fighting and all kinds of problems. And, you know, there’s no reason for it.”
The Associated Press contributed to this report.
