Kim Yong-beom, Deputy Minister of the Presidential Office, noted on the 31st that "the reciprocal tariff of 25% that the United States announced it would impose on Korea starting August 1 will be reduced to 15%." He added, "Moreover, the tariff on automobiles, which are our main export item, has also been lowered to 15%." He continued, "In addition, tariffs on semiconductors and pharmaceuticals, which are expected to be imposed in the future, will receive treatment that is not unfavorable compared to other countries."
Deputy Minister Kim explained that the $350 billion fund to be established as a result of the negotiations will include the $150 billion Korea-U.S. shipbuilding cooperation fund, which encompasses the entire shipbuilding ecosystem, including shipbuilding, MRO (Maintenance, Repair, and Overhaul), and shipbuilding materials.
He added that, "In addition to the shipbuilding sector, an investment fund of $200 billion will also be established for fields where our corporations have competitive advantages, such as semiconductors, nuclear power, secondary batteries, and biotech," noting that "it is likely that our corporations will participate as strategic partners, making this a great opportunity for those interested in entering the U.S. market."