US Commerce Secretary Howard Lutnick said Thursday that semiconductor tariffs are not part of a trade deal with South Korea, and the Asian country has agreed to "fully" open its markets "100 percent."
In a social media post, Lutnick enumerated details of the trade deal, indicating some differences from what the Korean government explained after the two countries finalized the specifics of Seoul's $350 billion investment pledge under the deal during Wednesday's summit between Presidents Lee Jae Myung and Donald Trump in Korea.
"Semiconductor tariffs are not part of this deal," Lutnick wrote on X.
He also said, "South Korea has also agreed to FULLY open their markets. 100%!"
His explanation stood in contrast with Seoul's explanation that the US has agreed semiconductor tariffs on Korea will not put the country at a disadvantage over its key competitor Taiwan, and that there will be no additional opening of Korea's rice and beef markets.
Lutnick elaborated on how Korea's $350 billion investment package will be implemented.
"These investments will be directed and approved by the President. President Trump has designated shipbuilding as the first investment category, with at least $150 billion committed to building ships in America," he said.
He pointed out that Trump has approved the construction of nuclear-powered submarines in Philadelphia by "great" Korean shipbuilders, stressing rebuilding America's shipbuilding is "fundamental" to its national security.
Moreover, the secretary said that Trump will direct $200 billion of the total investments across projects built in America, including the Alaska natural gas pipeline, energy infrastructure, critical minerals, advanced manufacturing, and artificial intelligence and quantum computing. (Yonhap)
