◆ The Joint Fact Sheet is a joint explanatory document outlining the final outcomes of tariff and security negotiations from the South Korea-US summit.


The Joint Fact Sheet was officially released on the 14th, following the South Korea-US summit held in Gyeongju on the 29th of last month, where President Lee Jae-myung and US President Donald Trump reached agreements on key tariff and security issues.


According to the Fact Sheet, the agreement includes $150 billion in South Korean shipbuilding sector investments approved by the US and a Memorandum of Understanding (MOU) on Strategic Investment between the two countries, under which South Korea plans to invest $200 billion in the US.


The United States agreed to lower Section 232 tariffs on South Korean automobiles, auto parts, logs, lumber, and wood products to 15%.


Additionally, both countries agreed that South Korea will not be required to provide annual procurement exceeding $20 billion in any given year. This reflects a mutual understanding to minimize instability in South Korea's foreign exchange market.


In the security sector, South Korea will increase its defense spending to 3.5% of GDP and commit $25 billion to the purchase of US military equipment by 2030.


The United States reaffirmed its defense commitment to South Korea through the continued stationing of US Forces Korea, while also granting approval for South Korea to construct nuclear-powered submarines.


South Korea's automotive, shipbuilding, and semiconductor industries assessed that the finalization of the Joint Fact Sheet and the signing of the MOU have alleviated uncertainties surrounding the South Korea-US tariff negotiations.


(Seoul=Yonhap Infomax) Ji Yeon Kim

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