President Lee: "Tariff negotiations, over the big hurdle... Thorough follow-up measures to protect core interests"

"Much of the uncertainty in the trade environment has been resolved"

"Relevant ministries to closely examine public concerns"

President Lee Jae-myung stated regarding the mutual tariff negotiations between South Korea and the United States, "We have overcome the big hurdle, but the reorganization of the international trade order will likely continue to accelerate in the future."

Presiding over the 6th senior secretaries' meeting held at the presidential office in Yongsan on the afternoon of the 31st, President Lee emphasized, "We must wisely overcome the rapidly changing external environment through a national interest-centered and flexible, pragmatic diplomacy."

President Lee mentioned, "The South Korea-U.S. tariff negotiations have been finalized. With this negotiation, much of the uncertainty in the trade environment is considered to have been resolved," and added, "The economic cooperation and alliance between South Korea and the United States are expected to be further strengthened. " He also said, "I ask relevant ministries to thoroughly check the public's concerns and ensure perfect follow-up measures to protect our core interests."

President Lee further stated, "I hope you prepare necessary measures such as expanding the proportion of domestic demand and diversifying export markets with a long-term perspective to overcome the so-called limitations of our economy," adding, "The path Republic of Korea has taken has always been a history of challenges and responses. The government, together with our great citizens, will turn this challenge into a new opportunity for advancement."

Earlier, President Lee posted on Facebook upon the conclusion of the South Korea-U.S. tariff negotiations, stating, "Negotiations with the U.S., the world's largest market, were the first trade task for our government built on national sovereignty," and “Despite the tight timeline and difficult circumstances, the government engaged in the negotiations with the national interest as the top priority."

He continued, "Through this negotiation, the government has eliminated uncertainties in the export environment and, by adjusting U.S. tariffs to a level lower or equal to major U.S. export competitor countries, created conditions to compete on equal or better terms with leading countries."

South Korea has lowered mutual tariffs from 25% to 15% in exchange for a $350 billion investment in the U.S. and $100 billion energy purchases, achieved without further opening of rice or beef markets. However, the tariff on automobile items was finalized at 15%, higher than our best goal of 12.5%.

Reporter Park Su-bin Hankyung.com waterbean@hankyung.com