[Anchor]
But the reason why we can't sign the tariff negotiations is because, according to our investigation,
The United States demanded that a special purpose corporation (SPC) be created and 350 billion dollars be put into it in cash.
And the profits from there would also go to the United States.
Our government says it cannot sign this condition, even if there are tariff burdens.
[Reporter]
The U.S. Department of Commerce reportedly demanded a 350 billion dollar investment in Korea through a special purpose corporation (SPC).
That means that if Korea invests 350 billion dollars, which is about 486 trillion won, the SPC will take the profits.
A government official said, "It's unacceptable for our national wealth to be drained away like this. We can never sign this."
[100-day inauguration press conference (yesterday)]
"Why should we sign something that doesn't benefit us? We need to at least try to make a reasonable deal. Please don't criticize me for not signing it, please."
350 billion dollars is 83.3% of Korea's foreign exchange reserves as of last month, which amounted to 420 billion dollars.
Kim Yong-bum, senior presidential secretary for policy, recently said, "We are discussing with the United States how to mitigate the impact on the foreign exchange market while proceeding with the investment, but negotiations are in a considerable stalemate."
National Security Office Director Wi Seong-rak also said today, "There are many differences in opinion on specific negotiation matters. It is not easy to coordinate."
A government official said, "If the 25% tariff continues, it will inevitably hit the automobile industry, but negotiations could continue until the next U.S. presidential election in the worst-case scenario."
The automobile industry is urging the government to reach a settlement as soon as possible.
This is Hong Ji-eun of Channel A News.
Video footage: Kim Ki-tae, Park Hee-hyun
Video editing: Lee Eun-won
• Reporter Hong Ji-eun [rediu@ichannela.com]
——
They're demanding that we put in 83% of Korea's foreign exchange reserves...ㅠ
Treating allies like this...
That amount is about 73% of Korea's annual budget, which is about 660 trillion won...
