US President Donald Trump (L) meets with South Korean President Lee Jae Myung on the sidelines of the Asia-Pacific Economic Cooperation (APEC) leaders' summit in Gyeongju, South Korea.
Credit: Reuters Photo
Gyeongju. South Korea: US President Donald Trump said on Wednesday a trade deal had been struck with South Korea, in remarks that sent the won up against the dollar, as a compact promises to dispel uncertainty for the trade-reliant economy.
"We did, we did. We did reach a deal," Trump said in response to a query on whether a deal was struck, ahead of a dinner hosted by South Korean President Lee Jae Myung.
"We made our deal, pretty much finalised it," he added later, without giving details.
The won was up 0.54 per cent against the dollar by 10:01 GMT on the news.
In the absence of a deal, South Korean makers of cars and steel must pay US tariffs of 25 per cent rather than the 15 per cent agreed in July, putting them at a disadvantage to Japanese competitors who pay 15 per cent after Tokyo's deal with the United States.
The Trump-Lee summit came during the US president's three-nation Asia tour that started in Malaysia with a meeting of the Association of Southeast Asian Nations.
South Korean officials said both countries remain "sharply" divided over the cash portion of a $350-billion investment package, as Seoul has sought to reduce it by boosting the share of loans and loan guarantees.