Seoul: South Korea's President Lee Jae Myung announced that a much-sought tariff deal with the US will help eliminate economic "uncertainties" for Seoul's export-reliant economy. In a message on Facebook, shortly after US President Donald Trump said his administration has reached a deal to impose 15% tariffs on South Korea, Lee stated, "We have cleared a major hurdle."

According to Anadolu Agency, President Trump had previously announced a 25% tariff on South Korean exports starting August 1. Lee highlighted that through the new agreement, the government has eliminated uncertainties in the export environment and created conditions for South Korean companies to compete on equal or superior terms with major countries.

Lee also noted that the $350 billion investment pledged by South Korea will strengthen the foundation for bilateral cooperation in strategic industries, such as shipbuilding, semiconductors, secondary batteries, biotechnology, and energy. Specifically, $150 billion will be dedicated to supporting the entry of South Korean shipbuilders into the US shipbuilding industry.

Kim Yong-beom, the presidential chief of staff for policy, informed reporters that the two parties also agreed to reduce tariffs on Korean automobiles, a key export to the US, from 25% to 15%. Despite rice and beef being contentious issues during the talks, South Korea did not agree to further open its markets in those sectors, Kim added.