Anchor: South Korea and the United States have agreed to a tariff deal that includes a 15 percent reciprocal tariff on exports to the U.S. and a massive investment in U.S. industries. The tariff is ten percentage points lower under the agreement, which does not affect South Korea’s rice and beef markets.
Kim Bum-soo has more.  

Report: Seoul and Washington have reached a trade deal, under which South Korea will be subject to a 15 percent tariff.

Kim Yong-beom, the national policy director at South Korea’s presidential office, announced the details of the accord Thursday after negotiations in Washington.

[Sound bite: Presidential Chief of Staff for Policy Kim Yong-beom (Korean-English)]
“The reciprocal tariff rate will be lowered from 25 percent to 15 percent. The tariff on automobiles, one of South Korea’s key export items, has also been reduced to 15 percent. As for the tariffs expected to be imposed on semiconductors and pharmaceuticals, South Korea will not be treated any worse than other countries. Throughout the negotiation process, the government prioritized the national interest and remained committed to achieving a mutually beneficial outcome within limits that the country could reasonably bear.”

This follows an announcement from U.S. President Donald Trump, who said he is lowering tariffs on South Korea in return for massive investment and market opening. 

Under the deal, South Korea will invest 350 billion dollars in the U.S. and purchase 100 billion dollars’ worth of American energy products. 

[Sound bite: Presidential Chief of Staff for Policy Kim Yong-beom (Korean-English)]
“Although the government had limited time after its launch, we refined our negotiation strategy and engaged in intensive deliberations to produce a mutually beneficial outcome for South Korea and the United States. One of the most noteworthy aspects of the agreement is the decision to expand cooperation with the United States in the shipbuilding sector. The 150 billion dollar fund for South Korea-U.S. shipbuilding cooperation will encompass the entire shipbuilding ecosystem — including vessel construction; maintenance, repair and overhaul; and shipbuilding equipment and components — and will be invested in specific projects based on the needs of South Korean companies.” 

While Trump said in a post on his Truth Social platform that South Korea will be completely open to trade with the U.S., including agriculture, the South Korean presidential office clarified that this does not include rice or beef.

[Sound bite: Presidential Chief of Staff for Policy Kim Yong-beom (Korean-English)]
“It is true that there were strong demands from the U.S. for the further opening of South Korea’s agricultural and livestock markets during the negotiations. But taking into account food security and the sensitivity of the agricultural sector, South Korea did not agree to further open its rice and beef markets.”

The policy director said Seoul and Washington will quickly arrange bilateral summit talks at the White House within two weeks, as Trump announced. 

In a social media post, President Lee Jae Myung said the agreement has removed trade uncertainties and created the conditions for South Korea to compete on terms equal to or better than its major competitors by lowering U.S. tariffs accordingly. 

In the final round of trade talks, Seoul’s Industry Minister Kim Jung-kwan and his trade chief, Yeo Han-koo, met their counterparts in Washington and invited South Korean business leaders to the negotiations, including Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Chung Eui-sun and Hanwha Group Vice Chairman Kim Dong-kwan.
Kim Bum-soo, KBS World Radio News.