Seoul: The presidential office announced that semiconductor tariffs are part of a finalized trade deal with the United States, countering U.S. Commerce Secretary Howard Lutnick’s remarks that chip tariffs were not included in the agreement.
According to Yonhap News Agency, a senior presidential official clarified that the Korean government’s announcement was based on the agreement reached between the two countries. Kim Yong-beom, the presidential chief of staff for policy, stated that Seoul and Washington concurred that Korean semiconductors would face tariff levels no less favorable than those imposed on Taiwan, a primary competitor of South Korea.
The official emphasized that the agreement has reduced uncertainties within the semiconductor sector by ensuring an “equal footing.” Final reviews are currently being conducted on related documents, which will encompass this provision. Moreover, Seoul and Washington have finalized details regarding South Korea’s $350 billion investment commitment, concluding a trade deal that will reduce U.S. tariffs on Korean goods and automobiles from 25 percent to 15 percent.