Business Groups Welcome Korea-U.S. Tariff Deal, Cite "Broad Agreement"

Federation of Korean Industries and Korea Chamber of Commerce and Industry Issue Statements
Federation of Korean Industries: "An Important Diplomatic and Economic Achievement"
Korea Chamber of Commerce and Industry: "We Hope for Even Stronger Cooperation"

Economic organizations in Korea have expressed their support for the outcome of the tariff negotiations reached between Korea and the United States.

President Lee Jae-myung is welcoming U.S. President Donald Trump ahead of the special summit dinner hosted by the president at the Hilton Hotel Grand Ballroom in Gyeongju, Gyeongbuk, on the 29th. Photo by Yonhap News Agency

On the 19th, the Federation of Korean Industries issued a statement evaluating the results of the tariff negotiations, saying, "A broad agreement has been reached, including a financial package," and added, "We sincerely welcome this outcome."

The organization further emphasized that this is "an important diplomatic and economic achievement accomplished under the leadership of the presidents of both countries," and stated, "This reaffirms that Korea and the United States share the fundamental principle of mutual benefit and joint prosperity." It also noted, "The fact that Korean companies will be subject to tariff conditions that are not disadvantageous compared to major competing countries in key sectors such as automobiles, auto parts, and pharmaceuticals will greatly contribute to strengthening the global competitiveness of our companies." The association also highly valued "the minimization of the impact of financial investment on the domestic foreign exchange market, which is significant for market stability."

The Federation of Korean Industries added, "The Korean business community hopes that this agreement will serve as an opportunity to further advance the Korea-U.S. economic alliance through the expansion of future industrial cooperation, as well as increased joint investment in strategic sectors such as advanced technology, shipbuilding, and energy."

The Korea Chamber of Commerce and Industry also stated, "We sincerely welcome the fact that the Korea-U.S. tariff negotiations were concluded on the occasion of this Asia-Pacific Economic Cooperation (APEC) meeting," and added, "With the conclusion of these tariff negotiations, we expect a significant reduction in uncertainty regarding trade and investment with the United States. In particular, we are pleased that Korean companies will no longer be at a disadvantage compared to competitors in sectors such as semiconductors, automobiles, and pharmaceuticals."

The statement continued, "Going forward, we expect that, based on the trust between Korea and the United States, cooperation in investment, technology exchange, and human resources in advanced industries will be further strengthened."

Korea and the United States reached an agreement on the details of the tariff negotiations the previous day. Of the total 350 billion dollars in investment funds for the United States, 200 billion dollars will be in cash, and 150 billion dollars will be in the form of cooperation in the shipbuilding industry. For the 200 billion dollars in cash investment, an annual investment cap of 20 billion dollars has been set.

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