Korean industries welcome Seoul-Washington joint fact sheet on trade, security cooperation

Korea's automaking and shipbuilding industries on Friday welcomed the Seoul-Washington joint fact sheet finalizing their trade and security agreements that would lower import tariffs on key items and support Seoul's plans to build a nuclear-powered submarine. According to the fact sheet released by the Presidential Office, the United States will cut tariffs on imported Korean cars and auto parts from 25 percent to 15 percent. Korean semiconductors will also be subject to tariff rates "no less favorable" than those applied to competitors, such as Taiwan. In addition, the Korean government secured U.S. approval for its bid to build nuclear-powered submarines and the right to reprocess spent nuclear fuel. The announcement came more than two weeks after Korean President Lee Jae Myung and U.S. President Donald Trump reached such an agreement in a bilateral summit held on the sidelines of the Asia-Pacific Economic Cooperation (APEC) forum in Korea's southeastern city of Gyeongju, North Gyeongsang Province, on Oct. 29. "We express our gratitude to the government for its dedicated efforts througWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times