Final Agreement Reached in Korea-US Trade and Security Talks... President Lee: "Factsheet Finalized, Best Possible Outcome"

President Lee Announces Factsheet Agreement on the 14th
Tariff and Security Negotiations Concluded After 107 Days
"The Best Outcome Achieved Through Mutual Respect and Wisdom"

President Lee Jae-myung is announcing the final agreement on the Korea-US tariff and security negotiation "Joint Factsheet" at the Presidential Office in Yongsan, Seoul on the 14th. Photo by Yonhap News

On November 14, President Lee Jaemyung personally announced the results of the Korea-US trade and security negotiations, the "Joint Factsheet (JFS; Joint Explanation Document)," at the Presidential Office in Yongsan. He stated, "Korea and the United States have reached a consensus to pursue the construction of nuclear-powered submarines." President Lee's direct announcement of the factsheet during a live broadcast was not originally scheduled, reflecting the significance of this agreement.

President Lee said, "The factsheet, which contains the agreements reached during the last two Korea-US summits, has been finalized as a joint explanatory document. As a result, the Korea-US trade negotiations and security consultations, which have been among the most significant variables for our economy and security, have been concluded."

He added, "Due to internal strife and the resulting national social turmoil, Korea started tariff negotiations later than other countries. However, this outcome is the result of demonstrating mutually beneficial wisdom based on the solid trust of the Korea-US alliance and mutual respect and understanding. Both Korea and the United States have achieved the best possible outcome based on common sense and reason."

He dismissed concerns about potential economic shocks from the Korea-US trade agreement, which includes a $350 billion (approximately 514 trillion won) investment fund for the US. President Lee stated, "Both governments have confirmed that investments will be made only within the range that our economy can sufficiently bear and only in commercially viable projects. Therefore, concerns that some projects might be disguised grants under the pretense of investments in ventures that are difficult to jointly recover have been clearly dispelled." He also mentioned plans to expand partnerships to include the shipbuilding industry, nuclear power, artificial intelligence (AI), semiconductors, and other future advanced industries.

Regarding Korea's long-standing goal of constructing nuclear-powered submarines, President Lee said that Korea and the United States have reached a consensus. In particular, institutional improvements will be sought to allow the construction of US Navy vessels within Korea. He stated, "We have also succeeded in securing the US government's support for expanding the authority for uranium enrichment and spent nuclear fuel reprocessing. This is a very meaningful advancement."

In this regard, the Donald Trump administration officially announced on the 13th (local time) that "the United States has approved Korea's construction of nuclear-powered submarines." The White House stated this in the joint factsheet from the Korea-US summit posted on its website. The White House said, "The United States will closely cooperate with Korea, including on fuel procurement, to advance the requirements of this shipbuilding project." Additionally, the White House stated, "Within the scope of the Korea-US nuclear cooperation agreement and US legal requirements, the United States supports procedures that will lead to Korea's peaceful use of civilian uranium enrichment and spent nuclear fuel reprocessing."

President Lee stated, "We will seek institutional improvements to allow not only the construction of US merchant ships but also US Navy vessels within Korea." He also reaffirmed, "The United States has reiterated its firm commitment to the continued stationing and expansion of US Forces Korea for extended deterrence. We have declared Korea's leading role in the defense of the Korean Peninsula through strengthened national defense and the transfer of wartime operational control, and the United States has strongly expressed its support for this position."

Final Agreement Reached After 107 Days of Negotiations... Lee: "This Is Just the Beginning, the Silent War Continues"

The two countries reached agreement on the specific implementation methods just 107 days after concluding the tariff negotiations. On July 30, both sides agreed on the broad framework for the tariff negotiations. The Korean government proposed a $150 billion "MASGA (Make American Shipbuilding Great Again)" project dedicated to shipbuilding, as well as a $350 billion investment fund for the US. In response, the United States agreed to lower Korea's reciprocal tariffs from 25% to 15%. However, details such as how the fund would be operated and which items would be subject to tariff reductions had not been finalized.

The details of the negotiations were dramatically resolved during a summit between President Lee Jaemyung and US President Donald Trump on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit on October 29. The main sticking point was the proportion of cash investments in the US. The Korean side insisted on limiting cash investments to $15 billion per year, while the US insisted on a cap of $25 billion. Until the day before the summit, the gap had not been bridged, but on the day of the meeting, the US proposed a limit of $20 billion per year, which accelerated the negotiations.

However, President Lee explained that the conclusion of the trade and security consultations is "just the beginning," adding, "The silent war among nations to protect their national interests will continue. It is clear that the uncertainties in the international community will not be resolved in the short term."

He continued, "All the more, we need the bold courage and meticulous preparation that we demonstrated during the Korea-US negotiations. Based on our united strength, we must enhance our national power, protect our interests, and improve the lives of our people."

He further stated, "The government will vigorously expand its diplomatic horizon based on competent and pragmatic diplomacy that delivers results, diversify export markets, connect with the world, and move forward as a global leading nation that bridges the present and the future."

President Lee also emphasized the importance of maintaining stable relations with neighboring countries in the region as international uncertainty intensifies. He pointed out, "It is extremely unwise to reject others without reason simply because their positions and views differ from ours in the harsh international order. What we need now is precisely such a pragmatic and realistic attitude."

Meanwhile, President Lee said, "Next week, I will depart for South Africa to attend the G20 summit. The government will actively create an environment in which our citizens and businesses operating abroad can work and conduct activities with peace of mind."

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