Kim Byungki on U.S.-Korea Tariff Agreement: "Achieved Both Economic and Security Gains"

Kim: "Secured a Fair Competitive Environment for Key Industries"
On Nuclear Submarine Approval: "The Outcome We Hoped For"
Ruling Party: "Lee Will Have a Process to Explain to Ruling and Opposition Leaders"

Kim Byungki, Floor Leader of the Democratic Party of Korea, praised the results of the U.S.-Korea tariff negotiations concluded the previous day, as well as U.S. President Donald Trump's approval for the construction of nuclear-powered submarines, stating, "We have achieved both economic and security gains."

Speaking at a parliamentary audit strategy meeting at the National Assembly on the morning of October 30, Kim said, "This is the result of the Lee Jaemyung administration's meticulous and diligent negotiations over a long period. With this agreement, we can ensure both stability in the foreign exchange market and the export competitiveness of our companies."

He continued, "We have also designed a stable structure for financial investments involving the United States. By setting an annual investment cap, we minimized market shocks and established safeguards against exchange rate fluctuations. Above all, the tariff reduction is a significant achievement."

Regarding Korea's key industries and agriculture, he stated, "We have secured a fair competitive environment for core industries such as automobiles, semiconductors, and shipbuilding. In particular, the decision to reduce tariffs on auto parts to 15% is a breath of fresh air for the industry," adding, "We also thoroughly protected the agricultural sector. Sensitive items such as rice and beef were safeguarded, while quarantine and cooperation systems were strengthened. This agreement protects both food sovereignty and industrial competitiveness."

Addressing President Trump's announcement on the social media platform Truth Social that he had approved the construction of nuclear-powered submarines for Korea, replacing outdated and less mobile diesel-powered submarines, Kim said, "Once again, we have achieved both economic and security gains. This is the outcome we had hoped and wished for."

He went on to say, "Our nuclear technology and operational experience are among the best in the world, and our submarine construction and operational capabilities are also world-class. If these two strengths are combined, it will open new doors for both national defense and future industries. This U.S.-Korea security agreement marks a critical turning point for technological sovereignty, energy security, alliance modernization, and the nation's future. The Democratic Party will trust the government's decisions and efforts, and will work together to safeguard the safety and interests of the people."

Regarding the U.S.-China summit taking place in Gyeongju, North Gyeongsang Province, on the same day, he said, "We will closely monitor its impact on our national interests," predicting, "This APEC summit in Gyeongju will be recorded as a historic meeting that sowed the seeds for global prosperity and peace on the Korean Peninsula."

Yonhap News Agency

The Democratic Party plans to review follow-up measures to the U.S.-Korea tariff agreement. After the meeting, Floor Spokesperson Moon Geumjoo told reporters, "Policy Committee Chair Han Jeongae said we need to discuss whether to implement the follow-up measures through special legislation or in the form of parliamentary ratification."

However, given the significant fiscal burden of the agreement, it is highly likely to require parliamentary ratification. Article 60, Paragraph 1 of the Constitution stipulates that the National Assembly has the right to consent to the conclusion and ratification of treaties concerning mutual assistance or security, important international organizations, treaties of friendship, commerce, and navigation, treaties restricting sovereignty, peace treaties, treaties imposing significant fiscal burdens on the state or people, or treaties concerning legislative matters.

Moon added, "I believe the president will invite leaders from both the ruling and opposition parties to explain the key points and seek their cooperation."

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