Trump meets S. Korean president in Gyeongju to seek investment

US President Donald Trump met with South Korean President Lee Jae Myung in the city of Gyeongju on Wednesday – the latest stop on his Asia tour aimed at striking new investment deals.

“The Republic of Korea is a dear American friend and close ally. And as we can see in this beautiful city, it is truly one of the greatest nations in the world,” Trump said before the Asia-Pacific Economic Cooperation (APEC) CEO summit meeting, adding that the South Korean president “is a great person.”

During their bilateral meeting, Lee asked Trump to consider allowing South Korea access to fuel for conventionally-armed nuclear submarines – a long-standing restriction under the US non-proliferation agreement.

Trump’s previous stops during his trip included visits to Malaysia and Japan.

After his visit to Japan generated about $490 billion in investment commitments, Trump said a trade deal with South Korea has proven more difficult as he seeks another $350 billion in U.S. investment. Trump predicted that total new investments could reach more than $22 trillion by the end of his first year in the White House.

Trump’s attention turns to Japan and South Korea as his Asia trip continues

U.S. President Donald Trump and South Korean President Lee Jae Myung attend an honoring ceremony at the Gyeongju National Museum in Gyoeongju, South Korea. (PA)

“I think we’ll probably hit 20 or 21, maybe even $22 trillion in investments in our country by the end of the first year of my second term,” the president said. “And we had an extremely successful first term. We had the strongest economy in the history of our country, the strongest we’ve ever had. But this, I think, is ruining everything. We have great policy. We have some very good things happening.”

“Around the world, we are signing one trade deal after another to balance our relationship on the basis of reciprocity,” Trump added. “I have signed groundbreaking agreements with Malaysia, Cambodia and Japan, and our agreement with the Republic of Korea will be finalized very soon. These agreements will be incredible victories for all of us, because everyone is better off when we have stable partnerships, not plagued by chronic problems and imbalances.”

Speaking to business leaders at the event, Trump described an “economic revolution” underway in the United States. The president urged leaders not to listen to “small minds without vision,” pledging to “build, trade, prosper and prosper together.”

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U.S. President Donald Trump shakes hands with South Korean President Lee Jae Myung as they attend an honoring ceremony at the Gyeongju National Museum in Gyoeongju, South Korea. (PA)

Trump then received South Korea’s Grand Order of Mugunghwa – the country’s highest honor – as well as a replica of a royal crown from the ancient Silla kingdom, symbolizing Seoul’s recognition of its previous diplomatic efforts.

Trump’s visit coincided with renewed tensions on the Korean Peninsula after North Korea said it fired sea-to-ground cruise missiles off its west coast.

“He’s been launching missiles for decades, hasn’t he?” Trump said of North Korean leader Kim Jong Un.

Trump reiterated his willingness to meet the North Korean leader, saying: “We had a very good understanding of each other.”

U.S. President Donald Trump salutes after speaking at the Asia-Pacific Economic Cooperation CEO Summit in Gyeongju, South Korea. (PA)

In another speech, the South Korean leader warned of rising protectionism, calling for global cooperation on trade – a message that contrasted with Trump’s America First speech.

Trump also previewed his upcoming meeting with Chinese President Xi Jinping.

“You know Chinese President Xi is coming here tomorrow and we’re going to hopefully make a deal,” Trump said. “I think we’ll come to an agreement. I think it’ll be a good agreement for both of us. And it’s a really great result.”

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“It’s better than fighting and having all kinds of problems. And, you know, there’s no reason for that,” he added.

The Associated Press contributed to this report.