We'll Get Right On That

Absurd shakedown attempts.

Previously, the South Korean government pledged to establish a US$350 billion fund for US investment on the condition that the US lower its tariffs on Korean imports from 25% to 15%. The expressions of disgruntlement come amid US pressures so unilateral that the situation could scarcely be described as a “negotiation” between the two sides.

In the follow-up negotiations that have been taking place over how the investment is to be carried out and how the profits are to be distributed, Washington has been pressing for direct cash investment, while Seoul has been arguing for investment in the form of financial guarantees instead.

In terms of profit distribution, the US has been insisting on a system where it claims 90% of the profits once the principal investment has been recouped, while South Korea gets 10%.