Particle.news
Download on the App Store
4 ARTICLES
·
2d ago

Majority of South Koreans Approve US Tariff Pact as Exporters Face New Risks

Officials are assessing how the 15% tariff will affect exporters after public support surged

A truck unloads a shipping container at Pyeongtaek port in Pyeongtaek, South Korea, July 8, 2025. REUTERS/Kim Hong-Ji/ File Photo
A TV screen at Seoul Station, in the center of the capital, on July 31, 2025, shows a report that U.S. President Donald Trump's administration has agreed to impose 15 percent tariffs on South Korea, 10 percentage points lower than what was proposed, under a trade deal that would charge America no tariffs. (Yonhap)
South Korean Industry Minister Kim Jung-kwan (L), Finance Minister Koo Yun-cheol (C) and Trade Minister Yeo Han-koo arrive at Incheon International Airport, west of Seoul, on Aug. 1, 2025, after wrapping up their tariff negotiations with the United States in Washington, D.C. (Yonhap)

Overview

  • Under the framework, the US cut reciprocal tariffs to 15% from 25% in exchange for Seoul’s pledge to invest US$350 billion and purchase US$100 billion in American energy products over four years.
  • A Realmeter poll showed that 63.9% of respondents view the deal positively, compared to 32.3% with a negative assessment.
  • Industry Minister Kim Jung-kwan said that while the agreement eased short-term uncertainties, the 15% levy may significantly impact exporters’ profitability, especially among small and mid-sized companies.
  • Officials cautioned that no written agreement exists yet on the investment fund’s structure and that follow-up negotiations are underway to finalize key details.
  • The Industry Ministry and major business groups are meeting to explore measures to bolster competitiveness in strategic industries including automotive, semiconductor and shipbuilding.