South Korea's trade minister says first US investment will close in September, semiconductor tariffs remain unchanged

During a round-table event in Washington, Trade Minister Kim Jung-gwan detailed the progress of South Korea's first investment project in the United States, stating that the deal is on track to be wrapped up within September rather than earlier in the month. He explained that the timeline reflects standard procedural steps on the Korean side and remains unchanged. In response to speculation that the United States had asked for a larger investment, Kim emphasized that negotiations are a two-way process involving national interests and urged observers to assess the final result when it is released.

Regarding semiconductor tariffs, Kim reiterated that talks are proceeding according to the principles set out in the October 2023 US-Korea tariff negotiations, with the goal of ensuring Korean semiconductor producers are not treated less favorably than competitors. He acknowledged that similar provisions in the US-Taiwan trade pact could eventually affect Korea, but noted that discussions on Taiwan-related matters are still ongoing. The minister indicated that any detailed agreements will be negotiated within the framework of existing memoranda of understanding and joint fact sheets.