The Federation of Korean Industries (FKI) on the 29th issued a statement welcoming the conclusion of the Korea-U.S. tariff negotiations.
FKI on the 30th said in a commentary, "We sincerely welcome that the latest talks reached a broad agreement, including a financial package," adding, "These negotiations are an important diplomatic and economic achievement attained under the leadership of the presidents of both countries. Through this, Korea and the United States reaffirmed that they share the overarching principle of mutual benefit and shared prosperity."
FKI said, "The fact that Korean corporations in key items such as automobiles, auto parts, and pharmaceuticals will be subject to tariffs on terms that are not disadvantageous compared with major competitor countries will greatly help strengthen our corporations' global competitiveness." It added, "We also highly value, from the perspective of market stability, the effort to minimize the impact of financial investment on the domestic foreign exchange market."
FKI said, "Korea's business community hopes that these negotiations will serve as an opportunity to advance the Korea-U.S. economic alliance by one step through expanding the foundation for cooperation in future industries and increasing joint investment in strategic sectors such as advanced technology, shipbuilding, and energy," adding, "As Korea's main window for economic cooperation with the United States, FKI will do its utmost to ensure that this agreement leads to tangible results."
The leaders of Korea and the United States the day before agreed on the details of the tariff negotiations. Of the total $350 billion in investment funds for the United States, $200 billion will be in cash investments and $150 billion will be structured as cooperation in shipbuilding. For the $200 billion in cash investments, the annual investment cap was set at $20 billion.