Anchor: The South Korean delegation that traveled to the U.S. for trade negotiations with the Donald Trump administration has held a press conference to assess the outcome. The last-minute deal saw Washington reduce its reciprocal tariff from 25 percent to 15 percent in exchange for a 350 billion U.S. dollar investment pledge from Seoul.
Choi You Sun has the details.

Report: South Korean negotiators who dramatically settled a trade agreement with Washington on Wednesday local time, one day ahead of the deadline to avoid a 25 percent reciprocal tariff, say the deal benefits both sides. 

The envoys said Seoul, like Tokyo, managed to reduce its tariff rate from 25 percent to 15 percent, including the rate for sector-specific tariffs on automobiles and parts, and secured a promise of “most favored nation treatment” from Washington as it is set to impose duties on semiconductors and pharmaceuticals.

Finance Minister Koo Yun-cheol, who led the negotiations, accentuated a shipbuilding project worth 150 billion U.S. dollars, dubbed the “MASGA project” for “Make American Shipbuilding Great Again.”

The minister predicted that the bilateral cooperation initiative will provide an opportunity for South Korean shipbuilders to assist the revival of the American shipbuilding industry, saying it will proceed as a South Korean project for practical purposes.

Koo said U.S. President Donald Trump also touted South Korea’s shipbuilding capabilities and asked Seoul to speed up procedures to begin construction of vessels in the U.S.

Commenting on a social media post in which Trump said South Korea agreed to provide 350 billion dollars for investments “owned and controlled by the United States,” Koo said that amount comprises the 150 billion dollar shipbuilding cooperation project and an investment fund from Seoul worth 200 billion dollars.

He also said South Korea’s investment amounts to only 36 percent of Japan’s, relative to the size of its economy.

On the subject of nontariff barriers concerning agricultural and livestock products, the minister said Seoul will not further open its markets but that the two sides will continue talks on improving quarantine procedures.

The negotiation team said the tariff reduction, which brings South Korea’s rate into line with those of Japan and other competitors, will allow domestic businesses to compete under better or at least on equal terms.
Choi You Sun, KBS World Radio News.