FM Cho says Korea reviewing new US proposal on $350 bil. investment package

Korea is reviewing an alternative proposal laid out by the United States on how Seoul would finance the $350 billion investment package reached as part of tariff negotiations with Washington, Foreign Minister Cho Hyun said Monday. Cho's remarks came as Seoul and Washington have been working to settle their differences on the details of the investment package to finalize a framework deal in July that called for lowering U.S. tariffs on Korean products from 25 percent to 15 percent. U.S. President Donald Trump earlier said the investment package would be made "upfront," while Seoul officials have countered that the investment pledge was intended to finance projects rather than a cash payment, and called for safeguards to the deal, such as a currency swap. During a parliamentary audit of his ministry, Cho said the U.S. has offered an alternative idea for the investment deal in response to Korea's recent proposal to revise it. "If (we should put) all of $350 billion into direct investments in the U.S., this could cause a problem in the foreign exchange (market) and have serious repercussionsWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times