S. Korea’s Leader Says U.S. Tariff Deal Will Ease Trade Pressures
(MENAFN) South Korean President Lee Jae Myung on Thursday announced that a long-anticipated tariff agreement with the United States will significantly reduce economic "uncertainties" for Seoul’s heavily export-driven economy.
In a Facebook post, Lee made the announcement shortly after U.S. President Donald Trump revealed his administration’s decision to impose a reduced 15% tariff on South Korean goods. "We have cleared a major hurdle," Lee stated.
Trump had earlier planned to implement a steeper 25% tariff on South Korean exports starting August 1.
"Through this agreement, the government has eliminated uncertainties in the export environment and created conditions for our companies to compete on equal or superior terms with major countries," Lee wrote.
Lee highlighted that the deal includes a $350 billion investment pledge from South Korea, which he said would strengthen long-term cooperation between the two countries in critical sectors such as shipbuilding, semiconductors, secondary batteries, biotechnology, and energy.
Of that total, he specified that $150 billion would be allocated solely to facilitating the entry of South Korean shipbuilders into the U.S. shipbuilding market.
According to Kim Yong-beom, the presidential chief of staff for policy, both governments also agreed to reduce tariffs on Korean automobile exports from 25% down to 15%—a significant adjustment for one of South Korea’s key industries.
Kim added that while agricultural products like rice and beef remained sticking points during negotiations, Seoul did not concede to further opening its domestic markets in those areas.
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