Seoul: National Assembly Speaker Woo Won-shik on Thursday welcomed a new tariff deal between South Korea and the United States, vowing to spare no effort in providing legislative support. Woo made the remark in a Facebook post after the South Korean delegation reached the deal with the administration of U.S. President Donald Trump to reduce planned "reciprocal" tariffs on South Korean goods to 15 percent, from the initially proposed 25 percent, just before the Aug. 1 deadline.
According to Yonhap News Agency, Woo emphasized the significance of the agreement, highlighting that it successfully prevented further opening of the agriculture and livestock sectors, which had raised public concerns. The presidential office noted that the U.S. had strongly advocated for opening these markets during the negotiations, but Seoul managed to resist the demand. South Korea is already the world's largest importer of American beef and has opened its market for 99.7 percent of agricultural products from the U.S., excluding only a few items like rice.
Under the agreement, South Korea will also invest US$350 billion in the U.S., with $150 billion dedicated to the shipbuilding industry, and purchase $100 billion of liquefied natural gas or other energy products. Woo expressed optimism about the outcome, stating that it is expected to enhance competitive conditions in the U.S. market and present a significant opportunity for South Korean companies to expand and boost their export competitiveness.
He further committed to bipartisan support to safeguard the economy and public interests, assuring that the National Assembly will thoroughly analyze the agreement's implications and work closely with the government to provide legislative backing if necessary.