South Korea's New President Has Agreed With Trump On Trade Talks

Details have come to light.

South Korea's new president Lee Jae-men has spoken to his American counterpart Donald Trump for the first time. During the conversation, he agreed to pursue "tangible results" in trade talks.

This was reported by Bloomberg.

"The two presidents agreed to work on a mutually beneficial tariff consultation agreement between South Korea and the United States as soon as possible," presidential spokeswoman Kang Yoo-joon said, adding that the countries will hold "working-level talks."

The leaders also discussed ways to deepen the bilateral alliance. According to Kang, Trump has invited Lee to visit the U.S. and the two sides are considering meeting soon.

Bloomberg writes that reaching an agreement with the Trump administration to reduce tariffs, which are on hold until next month, is likely to be one of Lee's first priorities after winning the election earlier this week. It is noted that the leadership vacuum in Seoul in recent months has been one of the main reasons for the lack of progress in talks between the two countries.

The 25 percent duties imposed against South Korea on April 2 are among the highest for a U.S. ally and are set to take effect in early July after a 90-day suspension.

Additional sectoral tariffs could further damage the country as they threaten key export sectors including semiconductors, automobiles, steel and aluminum. Overseas shipments to the U.S. are equivalent to more than 40 percent of the economy's gross domestic product.

Bloomberg added that the U.S. military's commitment to Asia, as well as the cost of housing some 28,000 U.S. troops stationed in South Korea, are other hot topics that have been the subject of dispute between the two countries.

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