Seoul: The government will make "utmost" efforts to ensure South Korean companies do not face unfair treatment in the United States, the trade minister stated following a recent raid by U.S. immigration authorities on a battery plant in Georgia, which resulted in the arrests of hundreds of Korean nationals.
According to Yonhap News Agency, Trade Minister Yeo Han-koo addressed the concerns surrounding Korea's investment in the U.S., particularly following the immigration crackdown at the plant construction site in Georgia. "We will do our utmost to ensure that our companies and people are not unfairly deprived of their rights and interests," Yeo emphasized.
Yeo's comments come in the wake of over 300 South Koreans being taken into custody by U.S. immigration officials during a raid on the construction site of a joint electric vehicle battery facility by Hyundai Motor Group and LG Energy Solution in Georgia. The minister highlighted the need for close communication with related industries to gather opinions and work on improving the visa system between Seoul and Washington.
Regarding tariff issues, Yeo stated that the Seoul government will continue negotiations with the U.S. on the bilateral trade agreement signed in late July. He underlined the necessity to minimize the impact of U.S. tariffs on Korean companies, mentioning the importance of safeguarding national interests while considering the outcome of the U.S.-Japan trade agreement.
Last week, U.S. President Donald Trump signed an executive order implementing a bilateral trade deal with Japan, which reduced U.S. tariffs on Japanese cars to 15 percent. South Korea reached a framework trade deal with the Trump administration on July 30, agreeing to lower auto tariffs from 25 percent to 15 percent. However, formalization of the deal is still pending.
In addition, Seoul and Washington are working to resolve differences over the specifics of a $350 billion investment package proposed by South Korea in exchange for tariff cuts. The Korean government plans to invest $150 billion for shipbuilding cooperation and another $200 billion to expand cooperation in advanced industries, such as semiconductors and batteries. While Seoul officials indicate the investment will mainly consist of loans and guarantees, the U.S. is reportedly seeking more direct investment.