South Korea, US held ‘acrimonious’ talks over fund ahead of summit, Korean official says

SEOUL - South Korea and the US had major disagreements over the details of the US$350 billion (S$450 billion) fund agreed as part of a trade deal ahead of an Aug 25 summit

between US President Donald Trump and South Korean President Lee Jae Myung

, a senior official in Seoul said on Sept 1.

Presidential policy adviser Kim Yong-beom said the US tried to use the summit to pressure Seoul to produce documents on the details of the investments, a move which drew resistance from Seoul officials and sparked concerns over the outcome of the summit.

“There were tense moments like yelling,” he said during an interview live-streamed on a YouTube channel.

He was apparently referring to a two-hour conference call he and other South Korean officials had with US Commerce Secretary Howard Lutnick the day before the summit.

Mr Kim said the call was at one point “acrimonious” and he was worried that he would “screw up the summit”.

He said the two sides differ over the structure of the fund, for example. South Korea has said direct investment would account for a small portion of the investments, which it said would largely consist of loans and guarantees.

While the two sides remain wide apart over the issue, he said it was a successful summit that helped build personal relationships and trust between the two leaders. REUTERS