"Feels Like We Made Many Concessions Due to Negotiation Deadline"
"Were Heavy Burdens Taken on Just to Secure a Summit?"
On July 31, the People Power Party evaluated the results of the recent South Korea-US trade negotiations, stating, "The agreement on a 15% tariff rate is appropriate, as it matches the level imposed on Japan and the EU." However, the party called on the government to provide a clear explanation regarding the potential opening of the agricultural and livestock markets.
Song Eonseok, interim leader and floor leader of the People Power Party, said at the emergency committee meeting held at the National Assembly that day, "The government negotiating team, as well as private sector diplomats such as Samsung Chairman Lee Jaeyong and Hyundai Motor Chairman Chung Euisun, must have made significant efforts."
Song Eonseok, Emergency Response Committee Chairman and Floor Leader of the People Power Party, is speaking at the Emergency Response Committee meeting held at the National Assembly on July 31, 2025. Photo by Kim Hyunmin
However, Song pointed out, "A total of $350 billion in investments in the US and $100 billion in purchases of energy such as LNG are required, amounting to a total of $450 billion in investments and purchases in the US. This is an excessive amount, even more than our foreign exchange reserves," adding, "There is a sense that we made many concessions due to the negotiation deadline."
He continued, "Until now, under the FTA, the US tariff rate on Korean cars was 0%, while Japan faced a 2% tariff. If the same 15% tariff is applied, there are concerns that the competitiveness of Japanese cars will increase relative to ours."
Regarding the opening of the agricultural market, he said, "The government announced that there would be no additional opening of agricultural and livestock products such as rice and beef. However, President Trump used the phrase 'open to trade,' which included agriculture and even mentioned zero tariffs," adding, "The Lee Jaemyung administration must clarify whether imports of other grains or fruits, apart from rice and beef, will be significantly expanded, or if this is simply President Trump's political rhetoric."
Song also commented on President Trump's statement that he plans to hold a summit with President Lee Jaemyung at the White House within two weeks to announce the details of the trade agreement, saying, "It is difficult for the public to understand what this means," and requested, "Please clarify whether the heavy concessions in the tariff negotiations were made to secure a summit with President Lee, or if there are other diplomatic, security, or defense issues that have not yet been disclosed to the public."
Meanwhile, President Trump announced that day that, under the condition of South Korea investing $350 billion in the US, the mutual tariff on Korean goods would be reduced from the previous 25% to 15%. President Trump plans to hold a summit with President Lee at the White House within two weeks to announce the details of the trade agreement.
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