Kim Jung-kwan attends investment ceremony in Washington; says US gave no indication of tariff announcement timing

Minister says Korea's investment pledge to US on track to be finalized in September

Minister of Trade, Industry and Energy Kim Jung-kwan (center) [Yonhap]
Minister of Trade, Industry and Energy Kim Jung-kwan (center) [Yonhap]

South Korea's Minister of Trade, Industry and Energy Kim Jung-kwan said Thursday (local time) that discussions on semiconductor tariffs being considered by the Donald Trump administration are proceeding on the principle that South Korea will receive no less favorable treatment than competing nations.

Speaking to reporters at a foreign investment ceremony in Washington, D.C., Kim said the US had already committed to that principle during tariff negotiations last October. "During the tariff negotiations last October, the US already said it would not treat our semiconductors less favorably than competing countries, and I believe discussions are continuing in that spirit," he said.

Asked whether Seoul had recently conveyed its position to Washington on the semiconductor tariff review, Kim said both governments remain consistent in their approach. "It is the consistent position of both the Korean and US governments to proceed in accordance with the joint fact sheet — which reflects the agreement between the two leaders — the MOU on investment in the US, and the same spirit that applies to the recent Section 301 tariff actions," he said.

On the timing of a US semiconductor tariff announcement, Kim said the American side had offered "no indication."

Regarding South Korea's planned investment announcement for the US market, Kim said the process remains on schedule. "It is not a particularly large issue — there are various domestic procedures to work through — but once those are completed, I intend to wrap things up within September, and that has not changed," he said.

Asked whether the US had requested a larger investment figure, Kim declined to elaborate on specifics. "There is such a thing as the national interest, and negotiations involve a lot of back and forth. I would ask that those details be kept confidential," he said.

Kim described the investment ceremony as a positive signal, saying participants expressed support for South Korea's foreign investment policies. "They shared their views that they agree with the direction of Korea's semiconductor investment policy and want to make use of it," he said.

US Commerce Secretary Howard Lutnick said Thursday that tariffs on semiconductor products are under consideration and that the policy would be "selective and careful." Politico had earlier reported that the tariffs could cover not only semiconductors themselves but also finished products containing them, including laptops.

At the investment ceremony co-hosted by the Ministry of Trade, Industry and Energy and KOTRA, four US companies in the semiconductor, advanced materials and clean energy sectors announced a combined $2 billion in foreign direct investment in South Korea.


oskymoon@heraldcorp.com