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According to the report, South Korea and the United States have signed a memorandum of understanding (MOU) on Seoul's USD350 billion investment pledge made in return for the lowering of US tariffs, the industry ministry said Friday.
The report also stated that the MOU was electronically signed by South Korean Industry Minister Kim Jung-kwan and US Commerce Secretary Howard Lutnick, according to the Ministry of Trade, Industry, and Resources. On October 29, the two sides reached an agreement on the details of Seoul's USD350 billion investment pledge made in exchange for lower U.S. tariffs.
The report also said that under the final terms, the investment will consist of USD200 billion in cash installments, with an annual cap set at USD20 billion, and an additional USD150 billion for bilateral shipbuilding cooperation. The US has lowered reciprocal tariffs for Korea to 15 percent from 25 percent as of August 7, and plans to cut tariffs on Korean cars and lumber also to 15 percent, the industry minister said in a press briefing.
In addition to the report, the MOU on the envisioned investment stipulates that the two countries will select projects to be funded by Seoul's USD200 billion package before US President Donald Trump's term ends in January 2029, according to Kim.
The USD200 billion will be funneled into "commercially reasonable" projects related to advanced industries outlined in a joint fact sheet released by both Seoul and Washington earlier in the day. Such sectors include energy, semiconductor, pharmaceuticals, critical minerals, artificial intelligence, and quantum computing, among others.
Source: PNA/ (Yonhap)
TIES THAT BIND. President Lee Jae Myung (right) watches US President Donald Trump signing a guest book at the Gyeongju National Museum in the southeastern city of Gyeongju on Oct. 29, 2025, in this photo provided by the presidential office. (Yonhap)
The report also stated that the MOU was electronically signed by South Korean Industry Minister Kim Jung-kwan and US Commerce Secretary Howard Lutnick, according to the Ministry of Trade, Industry, and Resources. On October 29, the two sides reached an agreement on the details of Seoul's USD350 billion investment pledge made in exchange for lower U.S. tariffs.
The report also said that under the final terms, the investment will consist of USD200 billion in cash installments, with an annual cap set at USD20 billion, and an additional USD150 billion for bilateral shipbuilding cooperation. The US has lowered reciprocal tariffs for Korea to 15 percent from 25 percent as of August 7, and plans to cut tariffs on Korean cars and lumber also to 15 percent, the industry minister said in a press briefing.
In addition to the report, the MOU on the envisioned investment stipulates that the two countries will select projects to be funded by Seoul's USD200 billion package before US President Donald Trump's term ends in January 2029, according to Kim.
The USD200 billion will be funneled into "commercially reasonable" projects related to advanced industries outlined in a joint fact sheet released by both Seoul and Washington earlier in the day. Such sectors include energy, semiconductor, pharmaceuticals, critical minerals, artificial intelligence, and quantum computing, among others.
Source: PNA/ (Yonhap)
TIES THAT BIND. President Lee Jae Myung (right) watches US President Donald Trump signing a guest book at the Gyeongju National Museum in the southeastern city of Gyeongju on Oct. 29, 2025, in this photo provided by the presidential office. (Yonhap)