GYEONGJU, South Korea — After a charm offensive in Japan that culminated in $490 billion in investment commitments, President Donald Trump is set to meet with South Korea’s leader on Wednesday as a trade deal with that country appears more elusive.

Top officials in Washington and and Seoul say the sticking point for an agreement continues to be the logistics behind Trump’s demand that South Korea invest $350 billion in the United States.

Korean officials say a direct cash injection could destabilize their economy, and they’d rather do loans and loan guarantees instead. The country would also need a swap line to manage the flow of its currency into the U.S.

The disparity between what Trump is asking for and what South Korea can deliver threatens to overshadow the meeting between Trump and South Korean President Lee Jae Myung in Gyeongju, a historical city playing host to the annual Asia-Pacific Economic Cooperation summit.

Oh Hyunjoo, a deputy national security director, told reporters that the negotiations have been proceeding “a little bit more slowly” than expected.

“We haven’t yet been able to reach an agreement on matters such as the structure of investments, their formats and how the profits will be distributed,” she said Monday.

It’s a contrast from Trump’s experience in Japan, where the government has worked to fulfill its commitment of $550 billion in investments as part of an earlier trade agreement. Commerce Secretary Howard Lutnick announced up to $490 billion in commitments during a dinner with business leaders in Tokyo.

Trump bonded with Japan’s new prime minister, Sanae Takaichi, on his trip Tuesday, taking her with him as he spoke to U.S. troops aboard an aircraft carrier and then unveiling several major energy and technology projects in America to be funded by Japan.

In contrast, U.S. Treasury Secretary Scott Bessent, speaking to reporters aboard Air Force One on Monday, said a deal wasn’t ready in South Korea.

“Just a lot of details to work out,” he said, although he suggested they were close.

For now, South Korea is stuck with a 25% tariff on automobiles, putting automakers such as Hyundai and Kia at a disadvantage against Japanese and European competitors, which face 15%.

Lee took office in June and had a warm meeting with Trump at the White House in August, when he cranked up the flattery. But there’s been points of tension since then, notably a U.S. immigration raid on a Hyundai plant in Georgia in September. More than 300 South Koreans were detained, sparking outrage and a sense of betrayal.