1st US project under tariff pact nears finish line

Industry Minister Kim Jung-kwan announced on Sunday that South Korea's inaugural investment venture in the United States under the recently signed bilateral tariff pact is nearing completion, though additional negotiations remain necessary. The minister disclosed this information upon his return from a three-day visit to the U.S., where he engaged with U.S. officials, including Commerce Secretary Howard Lutnick, to finalize the essential elements of Seoul's first U.S. investment project tied to the tariff agreement.

In exchange for the U.S. reducing its reciprocal tariff rates from 25 percent to 15 percent, Seoul pledged to invest $350 billion in the U.S., with $150 billion earmarked for the shipbuilding industry. The minister acknowledged that there are still numerous outstanding issues, stating that he intends to discuss these matters with the U.S. side via video conference early in the week.

Kim emphasized that while significant progress has been made on many issues, differences persist, and the deal remains incomplete until it is officially signed. He reiterated South Korea's commitment to finalizing the agreement within this week.