Gu Yunzheng, "The Korea-U.S. Trade Agreement has nothing to do with the U.S. Supreme Court ruling, it remains unchanged"

Vice Prime Minister and Minister of Finance and Economy Koo Yun-cheol emphasized that despite the U.S. Supreme Court’s ruling declaring mutual tariffs illegal, the Korea-U.S. trade agreement remains valid. This confirms that although President Trump imposed a 15% global tariff, under the Korea-U.S. Free Trade Agreement, South Korea still enjoys a 0% tariff benefit.

Vice Prime Minister Koo Yun-cheol explained the above in a report to the National Assembly’s Finance and Economy Planning Committee and expressed confidence that the Korea-U.S. trade agreement is still in effect. This is a response to concerns that the recent U.S. Supreme Court ruling could trigger tensions between Korea and the U.S. The vice prime minister particularly emphasized that through the Korea-U.S. Free Trade Agreement, South Korea maintains more favorable conditions than other countries and reaffirmed that Korea has a competitive advantage compared to countries subject to a 2.5% basic tariff.

Additionally, he did not forget to mention the unresolved “Special Law on Investment in the U.S.” in the National Assembly. Vice Prime Minister Koo stated that the law includes provisions for establishing a fund to implement the trade agreement and setting up an operational agency to manage the fund, and he expressed the necessity of continuing to advance this process.

Regarding the future implementation prospects of the Korea-U.S. Strategic Investment Memorandum of Understanding, he said he would do his best to comply with the agreement and expects that the U.S. side will not make excessive demands based on it. He also mentioned that non-tariff barrier issues are being addressed through mutual consultations.

This stance of the South Korean government indicates that economic cooperation between Korea and the U.S. will continue, and it suggests that the uncertainties in their trade relationship are likely to be minimized. The public is paying close attention to whether this can help create a stable economic cooperation environment between the two countries.