Trump administration to impose 15% tariffs on imports from South Korea
South Korea's President Lee Jae Myung Thursday said that a much-sought tariff deal with the US will help eliminate economic "uncertainties" for the Seoul's export-reliant economy.
In a message on Facebook, shortly after US President Donald Trump said his administration has reached a deal to impose 15% tariffs on South Korea, Lee said, "We have cleared a major hurdle."
Previously, Trump had announced a 25% tariff on South Korean exports from Aug. 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 further said that the $350 billion investment pledged by South Korea will solidify the foundation for bilateral cooperation in strategic industries, such as shipbuilding, semiconductors, secondary batteries, biotechnology and energy.
In particular, he went on to say, $150 billion will be committed exclusively to supporting the entry of South Korean shipbuilders into the US shipbuilding industry.
Kim Yong-beom, the presidential chief of staff for policy, told reporters that the two parties also agreed to cut tariffs on Korean automobiles -- a key export to the US -- from 25% to 15%.
While rice and beef remained contentious issues during the talks, South Korea did not agree to further open its markets in those sectors, Kim said.
*Writing by Aamir Latif
