South Korea’s Industry Minister Kim Jung-kwan pledged on Monday that the government would make every effort to reach a “fair and reasonable” tariff agreement with the United States, as trade tensions and global uncertainties continue to rise. Speaking during a parliamentary audit, Kim emphasized that Seoul is prioritizing national interests in ongoing talks with Washington over the structure and management of Korea’s investment package for the U.S.
The two nations have been negotiating details of a $350 billion Korean investment plan in the U.S. since signing a framework trade deal in July. Kim said the agreement could help Korean strategic industries expand their presence in the world’s largest economy while protecting domestic economic stability.
Acknowledging the challenges posed by U.S.-led protectionism, China’s dominance in critical minerals, and Korea’s export dependence on a few markets, Kim said the government aims to strengthen cooperation not only with the U.S., China, and Japan but also with countries in the Global South to diversify trade relationships.
To boost the domestic economy, the minister also announced plans to integrate artificial intelligence into manufacturing, targeting a 30% productivity increase through the establishment of over 500 AI-driven factories by 2030. Additionally, the government will promote renewable energy expansion, including the development of special industrial zones powered entirely by clean energy starting next year.
South Korea Seeks ‘Fair and Reasonable’ Tariff Deal with U.S. Amid Global Trade Strains
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