Donald Trump was presented with a golden crown during his visit to South Korea for the Asia-Pacific Economic Cooperation (Apec) meetings, a gesture that helped unlock a $350bn trade deal between the two countries. The gift, a replica of a crown from the ancient Silla kingdom, was given by South Korean President Lee Jae Myung in a bid to advance stalled negotiations.
South Korean officials confirmed that a broad agreement had been reached covering investment and shipbuilding. Lee’s aide, Kim Yong-beom, told reporters that the package includes $200bn in cash investment and $150bn in shipbuilding cooperation. Trump also confirmed the deal, stating it was “pretty much finalised.”
In addition to the crown, Trump was awarded the Grand Order of Mugunghwa, South Korea’s highest decoration, named after the national flower. The US president, known for his fondness for gold, has previously received golden objects from foreign leaders.
Attention now turns to Trump’s meeting with Chinese President Xi Jinping in the city of Gyeongju, their first face-to-face encounter of Trump’s second term. Trump expressed optimism about reaching a “great deal” on trade with China, suggesting a framework is ready for signing. He indicated willingness to cut a 20% tariff imposed over fentanyl-related products.
The prospects for a meeting with North Korean leader Kim Jong-un appeared slim, with Trump citing timing issues. For South Korea, the agreement provides relief from a 25% tariff on vehicles, which had disadvantaged its manufacturers against Japanese and European competitors.
