Minister Kim Jung-kwan: "Discussions on U.S. Semiconductor Tariffs Aim to Avoid Disadvantaging Korea... Announcement of U.S. Investments to Be Completed by September"

[Financial News] As the Donald Trump administration is considering imposing tariffs on semiconductors and related finished products, Kim Jung-kwan, Minister of Trade, Industry and Energy, said discussions between South Korea and the United States are proceeding in a way that would prevent Korea from receiving less favorable treatment than its major competitors.
Speaking to reporters immediately after the U.S. Investment Declaration Ceremony held in Washington, D.C., on September 3 (local time), Kim said, "During the tariff negotiations last October, the U.S. side mentioned that it would treat Korean semiconductors no less favorably than those of competing countries." He added, "We are continuing consultations based on that fundamental principle."
Regarding the timing of the U.S. tariff announcement, he said, "The U.S. side made no separate comment." Concerning the agreement between the South Korean and U.S. presidents and the memorandum of understanding (MOU) on investment in the United States, he emphasized, "The consistent position of both governments is that they will comply with the spirit of the existing agreement, including the tariffs imposed under Section 301 of the Trade Act of 1974."
On the schedule for South Korean companies to announce their investment plans in the United States, Kim explained, "The process can be completed by September after going through domestic procedures, and there has been no change in the existing policy." Asked whether the U.S. side had demanded larger investment amounts, he declined to elaborate, saying, "Please watch how things develop, taking into account the national interest and the nature of the negotiations."
At the Investment Declaration Ceremony hosted that day by the Ministry of Trade, Industry and Energy and the Korea Trade-Investment Promotion Agency (KOTRA), four U.S. companies in the semiconductor, advanced materials, and clean energy sectors confirmed a total of $2 billion in foreign direct investment (FDI) in Korea, equivalent to approximately 2.8 trillion won. Kim added, "U.S. investors expressed deep support for Korea's semiconductor investment policy direction and their willingness to make active use of it."


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