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President Lee Jae-myung presents U.S. President Donald Trump with a fountain pen used to sign the guest book during their summit at the White House in Washington, D.C., on August 25. / Source: Yonhap News

President Lee Jae-myung said Monday that key elements of South Korea’s $350 billion investment fund for the United States remain stuck in negotiations, underscoring a sharp contrast with U.S. President Donald Trump’s remarks that the deal is nearly complete.

Speaking to Bloomberg in an interview conducted on October 24 at the presidential office, Lee said the negotiations remain “gridlocked over every aspect,” including investment methods, amounts, schedules, loss-sharing, and profit distribution.

His comments came just days after Trump told reporters on October 24, before departing on his Asia tour, that the U.S.-Korea trade talks were “being finalized,” adding, “If they’re ready, I’m ready.” The two leaders are expected to meet again at the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju on October 29–30.

Lee acknowledged the ongoing difficulties, saying, “The U.S. demands should not result in consequences that would be catastrophic for Korea,” and stressed that “a delay in negotiations does not necessarily mean failure.”

At the heart of the disagreement is how to structure the $350 billion investment package. Washington is pushing for an eight-year plan involving annual installments of $25 billion, while Seoul favors a more gradual approach — investing about $15 billion annually over a period exceeding 10 years.

When asked whether Korea’s push for more detailed terms could create greater pressure compared to Japan’s recent trade agreement with the U.S., Lee replied firmly, “Korea is not Japan,” adding that “the key is finding an arrangement acceptable to Korea while contributing to America’s manufacturing renaissance.”

With both sides holding firm, the prospect of a breakthrough at the APEC summit remains uncertain, despite Trump’s repeated optimism.