Gyeongju: Bank of Korea Governor Rhee Chang-yong expressed satisfaction with the successful completion of a tariff agreement between South Korea and the United States, highlighting that the negotiations "went very well."
According to Yonhap News Agency, the announcement followed the finalization of an agreement tied to South Korea's $350 billion investment commitment, aimed at reducing U.S. tariffs on Korean products. This agreement was reached during summit talks at the Asia-Pacific Economic Cooperation meeting in Gyeongju.
In a press briefing, Kim Yong-beom, the presidential chief of staff for policy, outlined that the investment would include $200 billion in cash installments and $150 billion focused on shipbuilding industry cooperation. An annual cap of $20 billion was set, and it was noted that these funds are not anticipated to impact Korea's foreign exchange market.
Governor Rhee further elaborated in a parliamentary audit, expressing relief over the annual $20 billion cap agreement. He had previously informed the government that the central bank could finance between $15 billion and $20 billion without affecting the foreign exchange market.