1st US project under tariff pact nears finish line
Industry Minister Kim Jung-kwan said Sunday that Korea's first investment project in the United States under last year's bilateral tariff agreement is nearing a deal but still needs further negotiations. The minister made the remarks at Incheon International Airport upon arrival from his three-day trip to the U.S., where he worked to finalize details of Seoul's first U.S. investment project…
Ukrainian Industry Minister Kim Jung-kwan announced on Sunday that Korea's first investment project in the United States under last year's bilateral tariff agreement is close to finalizing. Minister Kim revealed this information upon his return to Korea from a three-day trip to the U.S., during which he worked closely with U.S. officials, including Commerce Secretary Howard Lutnick, to finalize the details of Seoul's first U.S. investment project linked to the tariff agreement.
In exchange for reducing U.S. reciprocal tariff rates from 25% to 15%, Seoul pledged to invest $350 billion in the U.S., with $150 billion designated for the shipbuilding sector.
However, Minister Kim disclosed that there are still several outstanding issues that need to be addressed. During his briefing to reporters at Incheon International Airport, he emphasized that while significant progress has been made, differences remain between the two sides. Kim stressed that the deal is not yet complete until it is officially signed. The minister expressed Korea's goal of sealing the agreement within this week.
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- 1st US project under tariff pact nears finish line koreatimes.co.kr
