Seoul, Washington disagree on terms of semiconductor tariffs

U.S. Commerce Secretary Howard Lutnick said Oct. 30 that semiconductor tariffs are not part of the South Korea-U.S. tariff agreement.

His comment came a day after the South Korean government announced the deal and said it had secured terms ensuring semiconductor tariffs would not be less favorable than those applied to Taiwan.

Lutnick wrote on X, formerly Twitter, that semiconductor tariffs are not part of the deal and that South Korea agreed to invest $350 billion in the United States. He added that South Korea had agreed to fully open its market.

A day earlier, Kim Yong-beom, South Korea’s presidential chief of policy, said the detailed agreement with the United States would reduce U.S. tariffs on automobiles and auto parts from 25% to 15% and guarantee that semiconductor tariffs would not be less favorable than those applied to Taiwan.

A presidential office official responded to Lutnick’s remarks, saying the government’s announcement reflects the content agreed to by both sides. The official added that a fact sheet outlining the deal’s details is undergoing a final review. Regarding market opening, the official said the agreement does not introduce any additional changes.

President Lee Jae-myung wrote on X the same day that the negotiations were wonderful and beautiful and called them a golden moment opening a new chapter in the South Korea-U.S. alliance.


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