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US President Donald Trump met with South Korean President Lee Jae Myung in the city of Gyeongju on Wednesday, the last stop on his tour of Asia 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 nations in the world,” Trump said before meeting at the Asia-Pacific Economic Cooperation (APEC) CEO Summit, adding that the South Korean president “is an excellent person.”
During their bilateral meeting, Lee asked Trump to consider allowing South Korea access to fuel for conventionally armed nuclear-powered submarines, a long-standing restriction under a U.S. nonproliferation agreement.
Trump’s previous stops during his trip included visits to Malaysia and Japan.
After his visit to Japan generated an estimated $490 billion in investment commitments, Trump said a trade deal with South Korea has proven more challenging as he seeks an additional $350 billion in U.S. investment. Trump predicted the total new investment could reach more than $22 trillion in investments by the end of his first year in the White House.
TRUMP’S FOCUS TURNS TO JAPAN AND SOUTH KOREA AS TRIP TO ASIA CONTINUES
US President Donald Trump and South Korean President Lee Jae Myung attend a high honor ceremony at the Gyeongju National Museum in Gyoeongju, South Korea. (AP)
“I imagine we will probably reach 20 or 21, maybe even 22 trillion dollars of investments in our country by the end of the first year of my second term,” the president said. “And we had a tremendously successful first term. We had the strongest economy in the history of our country, the strongest we’ve ever had. But I think this is ruining it. We have great politics. We have some very good things happening.”
“Around the world, we are signing one trade agreement after another to balance our relationships on the basis of reciprocity,” Trump added. “I have signed groundbreaking agreements with Malaysia, Cambodia, Japan, and our agreement with the Republic of Korea will end very soon. These agreements will be incredible victories for all of us, because we are all better off when we have stable partnerships that are not plagued by chronic problems and imbalances.”
Speaking to business executives at the event, Trump described an “economic revolution” underway in the United States. The president urged executives not to listen to “small minds without vision,” vowing to “build, trade, thrive and prosper together.”
TRUMP ANNOUNCES MEETING WITH XI JINPING AT SOUTH KOREA APEC SUMMIT SCHEDULED FOR NEXT MONTH
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 Gyoeongju, South Korea. (AP)
Trump was later awarded South Korea’s Grand Order of Mugunghwa, the nation’s highest honor, along with a replica of a royal crown from the former Kingdom of Silla, symbolizing Seoul’s recognition of his past diplomatic efforts.
Trump’s visit coincided with new tensions on the Korean Peninsula after North Korea said it had fired sea-to-surface cruise missiles off its western coast.
“You’ve been launching missiles for decades, right?” Trump said about North Korean leader Kim Jong Un.
Trump reiterated his willingness to meet with the North Korean leader, saying, “We understood each other very well.”
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 growing protectionism and urged global cooperation on trade, a message that contrasted with Trump’s America First speech.
Trump also previewed his upcoming meeting with Chinese President Xi Jinping.
“You know that President Xi of China is coming here tomorrow and I hope we come to an agreement,” Trump said. “I think we’re going to come to an agreement. I think it’s going to be a good agreement for both of us. And that’s a really great outcome.”
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“That’s better than fighting and having all kinds of problems. And, you know, there’s no reason for it,” he added.
The Associated Press contributed to this report.