South Korea proposes 'Package Deal' to U.S on tariff talks, seeks summit with Trump

Seoul [South Korea], July 10 (ANI): South Korea has proposed a package deal that includes both economic and security considerations as part of its ongoing bilateral tariff negotiations with the United States, National Security Adviser Wi Sung-lac said, as reported by Korea Herald.

Speaking to reporters after a four-day visit to Washington, Wi said he had in-depth discussions on trade and alliance matters during meetings with U.S. Secretary of State Marco Rubio and other top officials.

During the visit, Trump sent a letter to President Lee, stating that the United States will begin imposing 25 per cent tariffs on all South Korean imports starting August 1. This move effectively extends the initial deadline and allows additional time for talks.

Although the letter primarily focused on tariff and non-tariff barriers, Wi said he urged U.S. officials to broaden the scope of discussions.
We raised a range of issues spanning trade, investment, procurement and security, and suggested moving forward with negotiations by taking this comprehensive package into account, Wi said.

To further the negotiations, Wi said he proposed a summit between the two presidents, Korea Herald report added.

I proposed holding a Korea-US summit at an early date to help facilitate mutually beneficial agreements on key pending issues, and Secretary Rubio expressed his support, he said, while noting that no specific date was discussed.

Responding to Trump claim that South Korea contributes very little to U.S. military support, Wi highlighted Seoul significant financial commitment to the 28,500 American troops stationed in the country under the Special Measures Agreement (SMA).

Last year, South Korea and the U.S. signed the 12th SMA, covering the years 2026 to 2030. Under the deal, Seoul is set to contribute 1.52 trillion won (USD 1.11 billion) in 2026, up from 1.4 trillion won in 2025.

Were paying around 1.5 trillion won, and on top of that, there are separate contributions under the cost-sharing arrangement, Wi said.

Beyond the SMA, were gradually increasing our overall defence spending in line with international trends. Our contribution is substantial and there potential for it to grow further.

In response to Trump comments, South Korea foreign ministry reaffirmed that it will honour the current defence cost-sharing deal, stating the 12th SMA is validly concluded and in effect.

Separately, the US Pentagon recently noted that South Korea and other Asian allies are now subject to a new global standard requiring defence spending equal to 5 per cent of GDP, similar to the target set for NATO members. (ANI)

Disclaimer: This news article is a direct feed from ANI and has not been edited by the News Nation team. The news agency is solely responsible for its content.