In an interview with the media, South Korean President Li Keqiang said that if there are no safeguards in the stagnant trade negotiations to accept the existing requirements of the United States, then South Korea will face a situation similar to the financial crisis of 1997.

¡°If there is no currency exchange, and we pull out $350 billion in the way that the United States demanded and invest all that money in cash into the United States, then South Korea will face a situation similar to the financial crisis of 1997,¡± Lee said.

According to Reuters, South Korea and the United States reached a verbal trade agreement in July, under which the United States will reduce tariffs imposed on South Korea in exchange for measures such as South Korea's $350 billion in U.S. investments.

This interview was held in the South Korean President's Office last Friday (19th). Lee Jae-myung also mentioned a recent large-scale immigration enforcement operation in the United States, during which hundreds of South Koreans were detained. He said, "I don't think it was intentional. The United States has apologized for this incident. We agreed to seek reasonable measures in this regard, and we are working hard for it."

Li will travel to New York for a speech at the United Nations General Assembly on Monday, the presidential office said the trip had no plans for a meeting with Trump, and trade negotiations were not on the agenda for the visit.

According to Trump, South Korea and U.S. products will be subject to a 15% tariff rate, while U.S. products will not be subject to tariffs in South Korea. South Korea will invest $350 billion in the United States, as well as purchase $100 billion worth of liquefied natural gas or other energy products from the United States. South Korea will fully open up trade to the United States and accept U.S. cars and agricultural products.

In an interview with the American magazine Time on May 3, Lee also said directly that if I accept the terms of an agreement, I am afraid that I will be impeached.