President Lee Jae-myung’s first summit with U.S. President Donald Trump ended without the disruptive outbursts or clashes over diplomacy, security or trade that many had feared, leading most observers to conclude that it concluded smoothly. Analysts said the meeting set a constructive tone for bilateral relations. The New York Times noted that Lee had studied “The Art of the Deal,” Trump’s 1987 book, and said it was Trump’s fixation on flattery that helped Lee navigate his first one-on-one meeting with him. Still, a closer look at the outcome underscores that major challenges remain, with little headway made on issues where the two countries have long been divided.

　　The leaders affirmed the need to modernize the alliance but failed to secure concrete agreements, such as redefining the role of U.S. Forces Korea. Critics contend that South Korea left the summit empty-handed on economic and trade matters central to its national interests. Seoul had prepared a new $150 billion investment pledge in addition to the existing $350 billion fund, but was unable to extract concessions on core issues including semiconductor and automobile tariffs or nuclear energy cooperation.

　　South Korea sought to reduce automobile tariffs to 12.5%, 2.5 percentage points below the rates applied to Japan and the European Union, but Washington rejected the request, according to reports. The two sides also remained at odds over the structure of the investment fund. South Korea has argued that the fund is composed largely of loans and guarantees that carry minimal risk of losses, while the United States has pressed for direct investments that could result in forfeited principal if projects fail.

　　Asked whether he had reached a trade deal with South Korea, Trump said, “I heard there was a problem with South Korea, but we met yesterday, and they are done. We didn’t do it. We just kept the same deal. He honored the deal.” The leaders also failed to reconcile differences over further opening South Korea’s rice and beef markets or the development of Alaska gas fields.

　　In a departure from precedent, the summit concluded without a joint statement or declaration, highlighting the absence of concrete agreement on key issues. Japan, India and Italy, by contrast, each issued joint statements following their meetings with Trump. Without such a binding reference document, which traditionally serves as a diplomatic and trade framework, Trump’s off-the-cuff remarks could again amplify uncertainty.

　　Even so, the summit carried weight by easing immediate concerns in foreign policy, security and economic relations, while marking a first step toward reinforcing the alliance. But with no binding commitments, follow-up talks are likely to produce a “real bill” reflecting U.S. priorities. As officials noted, the true negotiations begin now, and South Korea must be ready.