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President Lee Jae Myung calls U.S. tariff deal a major diplomatic victory

Published: 31 Jul. 2025, 08:38 Updated: 31 Jul. 2025, 08:56

President Lee Jae Myung speaks during a meeting at the presidential office in Yongsan District, central Seoul, on July 30. [PRESIDENTIAL OFFICE]

President Lee Jae Myung on Thursday lauded the conclusion of tariff negotiations with the United States, calling it a significant diplomatic achievement for his administration.

“We’ve crossed a major hurdle,” Lee said in a statement posted to his social media, saying, “We have concluded tariff negotiations with the United States.”

“This was the first trade challenge faced by our administration that is rooted in the sovereignty of the Korean people,” Lee wrote. “Despite a tight timeline and challenging circumstances, we prioritized the national interest in every step of the negotiations.”

Lee said the deal eliminated uncertainties surrounding Korea’s export conditions and leveled the playing field for Korean companies in the U.S. market by bringing tariffs to levels equal to or lower than those faced by major competitors.

As part of the agreement, a $350 billion fund will be created to bolster bilateral cooperation in strategic industries such as shipbuilding, semiconductors, secondary batteries, biotech and energy — sectors where “Korea holds a competitive edge,” Lee said, adding that the fund will enable Korean companies to actively expand their presence in the U.S. market.

Of that, $150 billion will be earmarked exclusively for a shipbuilding partnership fund to support Korean companies entering the U.S. shipbuilding market.

“Negotiations are never easy, as they always involve another party,” Lee noted. “The goal is not unilateral benefit, but a mutually beneficial outcome.”

He added that the deal represents the convergence of the U.S. interest in revitalizing its manufacturing sector and Korea’s aim to boost the competitiveness of its companies in the American market.

“I expect this agreement will deepen industrial cooperation between Korea and the United States and further strengthen our alliance,” he said. “Going forward, our government will continue to prioritize a pragmatic, national-interest-driven foreign policy.”

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY SHIN HYE-YEON [[email protected]]