Kim Jung-kwan "Discussion on US Semiconductor Tariffs Under the Spirit of 'Not Disadvantageous Treatment'"

Kim Jung-kwan "Discussion on US Semiconductor Tariffs Under the Spirit of 'Not Disadvantageous Treatment'"

Attended the US corporate investment declaration ceremony in Washington... "No mention" on the timing of US tariff announcement

Regarding the announcement of investment in the US: "We plan to finalize it by September, and there's no change."

On the 3rd (local time), Minister of Trade, Industry and Energy Kim Jung-kwan stated that discussions regarding the semiconductor tariffs being considered by the US Donald Trump administration are proceeding under the principle of treating Korea no less favorably than its competitors.

Minister Kim made this statement after attending the 'US Investment Declaration Ceremony,' an event to attract investment from US companies, at a hotel in Washington D.C., and meeting with reporters.

Minister Kim said, "When we had tariff negotiations last October, the US already said that it would treat our semiconductors no less favorably than those of competing countries, and I believe discussions are continuing under that spirit."

Regarding whether the Korean government's position on the review of semiconductor tariffs was recently conveyed to the US, he explained, "In accordance with the joint fact sheet (containing the agreement between the ROK and US leaders) and the memorandum of understanding (MOU) (on investment in the US), the recent imposition of tariffs under Section 301 of the Trade Act is also consistent with this, and it is the consistent position of both the Korean and US governments to proceed under that spirit."

Regarding the timing of the US announcement on semiconductor tariffs, he said, "There was no mention (from the US side)."

Regarding the announcement of Korea's investment projects in the US, Minister Kim said, "Rather than being a particularly big issue, there are various domestic procedures that need to be followed, and we plan to finalize them by September, and there is no change."

When asked if the US side requested an increase in the investment scale, he only said, "There is national interest, and negotiations involve various back-and-forth aspects, don't they? I hope those aspects will be respected."

Regarding the investment declaration ceremony today, Minister Kim introduced, "(Investors) expressed their support for Korea's foreign investment policy," adding, "They also gave opinions that they empathize with and want to utilize Korea's semiconductor investment policy and direction."

US Secretary of Commerce Howard Lutnick said the previous day that tariffs on semiconductor products were being considered and that it would be a 'selective and cautious tariff policy.' Earlier, US media outlet Politico reported that not only semiconductors themselves but also finished semiconductor products, including laptops, could be subject to tariffs.

At the investment declaration ceremony hosted by the Ministry of Trade, Industry and Energy and the Korea Trade-Investment Promotion Agency (KOTRA) today, four US companies in the semiconductor, advanced materials, and clean energy sectors announced a total of $2 billion (2.8 trillion won) in foreign direct investment (FDI) in Korea.