Gwangju City Welcomes Korea-US Tariff Negotiation Result Lowering Tariff to 15%

Statement...
"Positive Impact Expected on Revitalizing the Local Economy"

Gwangju City Hall exterior view.

The city of Gwangju announced on July 31, "We actively welcome the results of the Korea-US tariff negotiations, which have lowered the previously announced 25% tariff to 15%."

The government officially announced on this day that, as a result of the tariff negotiations with the United States, the previously announced reciprocal tariff of 25% has been reduced to 15%.

On this day, Gwangju City, through a statement issued in the name of Mayor Kang Gijung, stated, "With the reduction of tariffs, we expect that the economic burden on major local export industries such as automobiles and home appliances will be significantly alleviated." The statement also emphasized, "We highly appreciate the government's diplomatic capabilities in achieving meaningful results in negotiations with President Trump, who has pursued a domestic-focused foreign policy."

The statement continued, "In the case of the automobile industry, the significant resolution of export uncertainties is expected to have a positive impact on the normalization of production at Gwangju's finished car factories, the recovery of competitiveness among partner parts suppliers, and the revitalization of the local economy."

The city also added, "To proactively respond to concerns about order reductions and employment contraction among small and medium-sized enterprises, we plan to pursue multifaceted strategies such as boosting domestic demand, developing AI premium home appliances, and diversifying export markets." The city further stated, "We will expand tailored support for pioneering overseas markets outside the United States, such as Southeast Asia and Europe, in cooperation with related organizations such as KOTRA and Gwangju Technopark. We will do our utmost to overcome the impact of tariffs and establish a sustainable export base."

This content was produced with the assistance of AI translation services.