The South Korean government's increased investment of more than $700 million on innovation would typically put a strain on the budgets of most similarly-situated economies.
President Trump and Moon Discuss Trade in June Meeting
Following the G20 Summit in Osaka on June 28 and 29, Korean President Moon Jae-In met with President Donald Trump for a business lunch in Seoul to discuss both security and economic cooperation.
According to a transcript of the meeting that released publicly, President Moon saw great progress in the relationship between the two nations:
“With President Trump and also myself, during our presidency, I believe that the ROK-U.S. alliance has made significant improvements, especially in terms of security and also in terms of economic cooperation, also in terms of trade expansion and mutually beneficial development and amendment of the KORUS FTA. Indeed, there have been significant signs of progress made.”
President Moon referenced cultural exchanges as well as the efforts to denuclearize the Korean peninsula:
“And, as well, this people-to-people and cultural exchanges, as well as other forms of exchanges, are becoming very active as well. As you mentioned before, the ROK-U.S. alliance is now evolving into a great alliance. Our two countries are making a lot of efforts in terms of complete denuclearization of the Korean Peninsula, as well as permanent peace on the Korean Peninsula.”
President Moon perceived the U.S.-Korean alliance as achieving historic accomplishments:
“And once this Korean Peninsula peace process becomes successful, I believe that the ROK-U.S. alliance, especially, will be able to shine as the great alliance. And I believe that we’re now having that historic milestone yet again. President Trump’s and my efforts, I hope, will be able to produce some tangible results in the end.”
President Trump highlighted just how much progress the two countries have made:
“The United States and South Korea have made great progress in reducing our trade imbalance and unleashing new prosperity for both of our countries. And, as you heard, your great ambassador and our great ambassador say we’ve reduced the number to by about 60 percent, which is pretty great… Last year, we reduced the trade deficits of good between the United States and South Korea by more than 20 percent, and that number is moving very rapidly along.”
President Trump also expressed hopes of economic advancements for both countries:
“I will say that we had a great meeting just now. And we’re talking about some economic balance and a lot of other things. And I think that it will work out extremely well… we have had a great relationship, you and I. And I appreciate that. And I know you appreciate it, because the United States has been doing a very good job for a lot of countries… And I look forward to spending the day with you.”
President Trump emphasized that the Free Trade Agreement will benefit workers in both the United States and in South Korea as it includes provisions to increase South Korea’s access to various American-made products, including automobiles, crops and medicine.
This is truly a step in the right direction to a more balanced trade relationship and in further reducing our trade deficit.