U.S. President Donald Trump on Wednesday met with South Korean President Lee Jae Myung in the city of Gyeongju – the final stop on his Asia tour aimed at securing new investment deals.
"The Republic of Korea is a cherished American friend and a close ally. And as we can see in this beautiful city, it's truly one of the most remarkable nations anywhere on earth," Trump said ahead of the meeting at the Asia-Pacific Economic Cooperation (APEC) CEO Summit, adding that South Korea's president "is a terrific person."
During their bilateral meeting, Lee asked Trump to consider allowing South Korea to access fuel for conventionally armed, nuclear-powered submarines – a long-standing restriction under a U.S. nonproliferation deal.
Trump's previous stops during his trip included visits to Malaysia and Japan.
After his visit to Japan yielded roughly $490 billion in investment commitments, Trump said a trade deal with South Korea has proven more challenging as he seeks an additional $350 billion in U.S. investments. Trump predicted total new investment could reach upwards of $22 trillion in investments by the end of his first year back in the White House.
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"I figure that we'll probably be at 20 or 21, maybe even $22 trillion of investments coming into our country by the end of the first year of my second term," the president said. "And we had a tremendously successful first term. We had the strongest economy in history for our country, the strongest we ever had. But this is, I think, blowing it away. We have a great policy. We have some very good things happening."
"Around the world, we're signing one trade deal after another to balance our relationships on the basis of reciprocity," Trump added. "I've signed groundbreaking agreements with Malaysia, Cambodia, Japan, and our deal with the Republic of Korea will be finalized very soon. These agreements will be incredible victories for all of us, because everyone is better off when we have stable partnerships not plagued by chronic problems and imbalances."
Speaking to business executives at the event, Trump described an "economic revolution" underway in the United States. The president urged the executives not to listen to "small minds with no vision," pledging to "build, trade, prosper and thrive together."
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Trump later received South Korea's Grand Order of Mugunghwa – the nation's highest honor – along with a replica of a royal crown from the ancient Silla Kingdom, symbolizing Seoul's recognition of his prior diplomatic efforts.
Trump’s visit coincided with new tensions on the Korean Peninsula after North Korea said it fired sea-to-surface cruise missiles off its western coast.
"He’s been launching missiles for decades, right?" Trump said of North Korean leader Kim Jong Un.
Trump reiterated his willingness to meet with the North's leader, saying, "We had a really good understanding of each other."
In a separate speech, South Korea's leader warned against rising protectionism, urging global cooperation on trade – a message that contrasted with Trump's America First pitch.
Trump also previewed his upcoming meeting with Chinese President Xi Jinping.
"You know that President Xi of China is coming here tomorrow, and we're going to be, I hope, making a deal," Trump said. "I think we're going to have a deal. I think it'll be a good deal for both. And that's really a great result."
"That's better than fighting and having all sorts of problems. And, you know, no reason for it," he added.
The Associated Press contributed to this report.
