City
Epaper

South Korea proposes 'Package Deal' to U.S on tariff talks, seeks summit with Trump

By ANI | Updated: July 10, 2025 11:39 IST

Seoul [South Korea], July 10 : South Korea has proposed a "package deal" that includes both economic and security ...

Open in App

Seoul [South Korea], July 10 : South Korea has proposed a "package deal" that includes both economic and security considerations as part of its ongoing bilateral tariff negotiations with the United States, National Security Adviser Wi Sung-lac said, as reported by Korea Herald.

Speaking to reporters after a four-day visit to Washington, Wi said he had "in-depth" discussions on trade and alliance matters during meetings with U.S. Secretary of State Marco Rubio and other top officials.

During the visit, Trump sent a letter to President Lee, stating that the United States will begin imposing 25 per cent tariffs on all South Korean imports starting August 1. This move effectively extends the initial deadline and allows additional time for talks.

Although the letter primarily focused on tariff and non-tariff barriers, Wi said he urged U.S. officials to broaden the scope of discussions.

"We raised a range of issues spanning trade, investment, procurement and security, and suggested moving forward with negotiations by taking this comprehensive package into account," Wi said.

To further the negotiations, Wi said he proposed a summit between the two presidents, Korea Herald report added.

"I proposed holding a Korea-US summit at an early date to help facilitate mutually beneficial agreements on key pending issues, and Secretary Rubio expressed his support, " he said, while noting that no specific date was discussed.

Responding to Trump's claim that South Korea contributes "very little" to U.S. military support, Wi highlighted Seoul's significant financial commitment to the 28,500 American troops stationed in the country under the Special Measures Agreement (SMA).

Last year, South Korea and the U.S. signed the 12th SMA, covering the years 2026 to 2030. Under the deal, Seoul is set to contribute 1.52 trillion won (USD 1.11 billion) in 2026, up from 1.4 trillion won in 2025.

"We're paying around 1.5 trillion won, and on top of that, there are separate contributions under the cost-sharing arrangement," Wi said.

"Beyond the SMA, we're gradually increasing our overall defence spending in line with international trends. Our contribution is substantial and there's potential for it to grow further."

In response to Trump's comments, South Korea's foreign ministry reaffirmed that it will honour the current defence cost-sharing deal, stating the 12th SMA is "validly concluded and in effect."

Separately, the US Pentagon recently noted that South Korea and other Asian allies are now subject to a new "global standard" requiring defence spending equal to 5 per cent of GDP, similar to the target set for NATO members.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Open in App

Related Stories

EntertainmentBeyonce rides mechanical gold horse during her Cowboy Carter tour in Atlanta

Entertainment'Bigg Boss 16' fame Abdu Rozik arrested at Dubai Airport on alleged theft charges

AurangabadCity records 4.6 mm rainfall

EntertainmentGeorge Lucas heading to Comic-Con for first time

InternationalEAM Jaishankar to visit Singapore, take part in SCO Foreign Ministers' Meeting in China

Business Realted Stories

BusinessBillionaires gather in Sun Valley in US for Allen & Co.'s annual conference

BusinessAssam CM inaugurates nation's first ever Aqua Tech Park at Bagibari Sonapur

BusinessDonald Trump announces 30% import tariffs on EU and Mexico over trade and border issues

BusinessIndia Poised to Become Global Air Cargo Hub - ACFI & ASCELA Insights Chart Roadmap for 2030 in its Knowledge Paper

BusinessOne World Fusion 2025: A Musical Evening for a Cause by Abhijeeth Bhattacharjee Prodyut Mukherjee Sangitanjaly Foundation