Gyeongju: Finance Minister Koo Yun-cheol on Thursday pledged to swiftly propose a special bill to promote investment in the United States, after the two countries agreed on the specifics of Seoul’s US$350 billion investment package as part of a trade deal. The agreement was reached during President Lee Jae Myung’s summit with U.S. President Donald Trump on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in the southeastern city of Gyeongju the previous day.
According to Yonhap News Agency, Koo emphasized that the conclusion of the South Korea-U.S. tariff negotiations will alleviate uncertainties surrounding exports to the U.S. and help secure tariff rates equivalent to those of major economies such as Japan and the European Union. During a parliamentary audit, Koo revealed plans for a special act aimed at establishing a fund to encourage investment in the U.S., with the goal of submitting it to the National Assembly promptly.
Koo stated the intention to submit the bill in November so that its application could begin on November 1. If the government proceeds as planned, U.S. tariffs on domestic products are expected to be reduced to 15 percent retroactively from the month of submission, according to the finance ministry.
When questioned about the possibility of additional negotiations on semiconductors and steel, Koo noted that the current tariff on steel stands at 50 percent. He mentioned that further discussions with the U.S. would be necessary, as the issue remains unresolved.
U.S. Commerce Secretary Howard Lutnick remarked that semiconductor tariffs were not included in the trade deal with South Korea. In a social media post, Lutnick shared details of the agreement, indicating some differences from Seoul’s initial explanation following the finalization of the deal structure by the two countries.