South Korea unable to pay $350 billion in cash under trade pact

Seoul and Washington agreed in July to a $350 billion investment pledge as part of a broader trade deal to lower US tariffs to 15% from 25%, but the two sides remain divided over how it should be structured. South Korean officials are seeking loans and a bilateral currency swap arrangement with the US to soften the economic impact, noting that the sum represents more than 80% of its foreign reserves.

from News-Economic Times https://ift.tt/pbwYRkq
via IFTTT

Comments

Post a Comment

Popular posts from this blog

British PM Keir Starmer attempts post-Brexit reset with Europe visits

British Prime Minister Keir Starmer is in Germany and will visit France to focus on post-Brexit relationships. He met German Chancellor Olaf Scholz to discuss a new bilateral treaty aimed at boosting trade, defense cooperation, and tackling illegal migration. Starmer aims to rebuild vital European relationships for economic growth and joint action on pressing issues. from News-Economic Times https://ift.tt/9DARoXP via IFTTT
Read more