( July 31, 2025, 00:08 GMT | Official Statement) -- MLex Summary: South Korea has concluded tariff negotiations with the US, backed by a $350 billion support fund aimed at key industries such as shipbuilding, semiconductors, batteries, biotech and energy, South Korean President Lee Jae Myung said in a Facebook post. Local news reports said the US has agreed to impose a tariff of 15 percent on imports from South Korea, a detail not mentioned in Lee's Facebook post. Of the investment fund, $150 billion will be allocated specifically to shipbuilding cooperation, boosting the expansion of South Korean companies into the US shipbuilding sector. Lee said the deal reduces uncertainties for South Korean exporters by lowering US tariff rates on Korean goods to levels equal or lower to those applied to other countries. He emphasized that the deal was reached for mutual benefit, aligning with the US goal of revitalizing domestic manufacturing and South Korea’s goal of strengthening its industrial competitiveness in the US market.
President Lee Jae Myung's Facebook message follows: ...
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