US, South Korea Finalize Tariff and Security Fact Sheet: Trade and Security Talks Concluded

President Lee Jae-myung announced the final conclusion of trade and security negotiations between the US and South Korea on November 14th at the Presidential Office in Yongsan. President Lee stated on November 14th that both countries had finalized a joint explanatory document and joint fact sheet, and shared the results of negotiations with President Joe Biden.

Both countries agreed to pursue investments only in commercially viable projects within a range that the South Korean economy can handle, and agreed to jointly pursue the construction of nuclear-powered submarines. The US government pledged support for expanding South Korea's authority over uranium enrichment and spent nuclear fuel reprocessing, and agreed to explore institutional improvements to allow the construction of US Navy vessels, as well as US merchant ships, in South Korea.

The US's firm commitment to the continued stationing of US troops in South Korea and extended deterrence was reaffirmed. The US decided to reduce tariffs under Section 232 of the Trade Expansion Act on South Korean automobiles, auto parts, lumber, and wood products to 15%. Tariffs on pharmaceuticals, which have not yet been announced, will also not exceed 15% for South Korean products. Regarding semiconductor tariffs currently under review by the US government, South Korea has been assured that it will not be treated less favorably than any agreement the US may conclude with other countries in the future.