S. Korea, US maintain disagreements on key points of customs deal

The Republic of Korea and the United States have not yet reached a consensus on the main terms of a deal concerning American tariffs and South Korean investments totaling $350 billion, South Korean President Lee Jae-myung said in an interview with Bloomberg, Report informs.

"The method of investment, the amount of investment, the timeline and how we will share the losses and divide the dividends - all of these remain sticking points. The US will of course try to maximize its interests but it mustn't be to the extent that causes catastrophic consequences for South Korea," said Lee Jae-myung.

"The discussion is ongoing and there are some differences of opinion but the delay does not necessarily mean that this is a failure," the president continued. "South Korea is an ally and friend of the US, so we believe that we will be able to reach a rational result that is acceptable to all sides and this is what has to be done," Lee said.

On August 25, South Korean President Lee Jae Myung and his US counterpart Donald Trump held a summit in Washington. After the meeting, the South Korean leader gave a positive assessment of its results. Donald Trump said that, in his opinion, South Korea and the United States had reached an agreement on tariffs.

At the end of July, the US and South Korea reached an agreement whereby Washington would impose a 15% tariff on South Korean goods. Earlier, the US president had threatened to impose a 25% tariff. In return, South Korea promised to invest $350 billion in the US economy and purchase $100 billion worth of energy resources.