Koo Yun-cheol, Deputy Prime Minister for Economic Affairs and Minister of Strategy and Finance, said on the 23rd that, separate from the U.S. Supreme Court's ruling that the reciprocal tariff is unlawful, the previously concluded U.S.-Korea trade deal remains in effect as is.
At a National Assembly Strategy and Finance Committee briefing on government affairs that day, Deputy Prime Minister Koo answered this way to a question asking whether the U.S.-Korea deal concluded last year is valid.
Regarding U.S. President Donald Trump's move to impose a so-called "global tariff" of 15% on countries worldwide, he said, "Under the Korea-U.S. Free Trade Agreement (FTA), Korea's (tariff) is 0%," adding, "We are in a more favorable position than other countries where the base tariff of 2.5% applies."
On how to handle the U.S. investment special act pending in the National Assembly, he said, "It has two elements: creating a platform fund to implement the (trade deal) and creating an operating body to manage the fund," and added, "From the government's standpoint, it is better to keep proceeding with those parts according to procedure."
Asked about the prospects for implementing the "U.S.-Korea strategic investment memorandum of understanding (MOU)" going forward, he said, "We are trying our best to abide by it," and added, "If we honor (the MOU's terms), I do not think the United States will demand more than that."
On the issue of non-tariff barriers, he explained, "We are consulting with each other within the scope set out in the factsheet."